Simultaneous Release at www.thegeekknows.com
Good day to all.
Here we are at the end of the week.
The EUR/USD is currently stalling. This is expected as the previous time when we were at this level, we took quite some time to move on.
Our market clue the S&P 500 continues it’s breakdown and has fallen into the 1100/20 zone.
Oil is facing pressure from a stronger US Dollar and risk aversion. It is now at $73+.
Gold is currently at a support around $1090+. Should this break down, we may see quite a drop towards $1060+.
The China issue continues to plague the markets. Investors are not optimistic about a recovery of the global economy without China’s steam train on full.
A new issue gaining attention fast is President Obama’s recent anti risk taking measures. While such measures seem good, investors do not seem to agree that the time now is right for big changes to the financial system. There is too much apprehension going around now and they probably do not want more.
Do note that although Greece is receiving less limelight, it does not mean that the problem is gone. Speculations continue on the probability of Greece requiring assistance from it’s fellow member countries.
The bears however did not get their way as better than expected earning reports from big names like McDonald’s brought some bullish relief for the EUR/USD.
Noticed the circles in the EUR/USD chart? These two looks strikingly similar and hence watch out next week whether the technical similarity does play out.
Bullish pressure may bring us to 1.4200 while bearish comeback may target 1.4080.
My long awaited weekend is finally here! This means more articles for you and practice on L4D2 for me I have some major work coming up next week and i probably need to rest VERY well over this weekend. Join me for my EUR/USD Weekly Review tomorrow for a greater outlook.
Trade Safely and enjoy the weekend
Read more Forex Articles and Views by The Koala at www.thegeekknows.com