EUR/USD Daily Review 12 Jul 10

By IBTimes Staff Reporter | July 12 2010 11:41 AM

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Good day forex trading koalas!

Hope your Monday is well so far.

This week is an important week as there are many related news of high importance.

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Looking at the EUR/USD chart above, the EUR/USD is testing the 1.26 level. If this fails decisively, we may see 1.24.

The S&P 500 is currently at 1077+.

Oil is around $75.

Gold is above $1200 for now.

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As the report season comes for the market, investors are apprehensive and this is seen in an apparent tug of war in the equities. Needless to say, better than expected results will probably spark a wave of positive sentiments while the opposite, a plague of risk aversion.

A reported mentioned that certain EU official are hesitant with regards to releasing the stress test results. I mentioned before that this may be a can of worms if the results suggests further weakness in the European Union. Having said so, there is probably no turning back as a change of mind against a release now will probably start investors thinking. Close monitoring on the progress and the eventual release is recommended.

Tomorrow brings us a number of data releases including the German ZEW Economic Sentiment.

As mentioned, if the test of 1.26 provides a clean break, we may see 1.24.

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How was everybody’s Monday today? Is it as blue as the sky?