Friday, 13 April 2012

EURUSD..Spanish worries

Spain today has a stagnant economy: 24% unemployment, 53% youth unemployment, an economy shrinking at an annualized rate of at least –1.75%, a banking sector with a collective insolvency that runs some €78 billion, a government that needs €190 billion this year alone to fund itself (on a total GDP of barely €1 trillion). Read this article if you have time:

I think there is an extremely high probability that the EurUsd is going back to 1.3050. There was painfully slow progress upto the blue CL which is was a miss/failure whith price being
stopped by the grey thick historic ML. Price action looks like this could go all the way through current support at 1.3108

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