The intrigue, of what we have mentioned in our previous review, has been resolved in favor of fundamental data. All last week was bullish. The US dollar was weak related to almost all currencies (except JPY). The oil price (WTI Crude) broke the resistance level at $86.00 and closed last week at $87.30. The next resistance level will be at $90.00, but most likely we will see some correctional movement before the price will reach this level.
The EUR/USD pair finished off last week at 1.3880, almost 1.3900 and most likely will grow to 1.4100 soon. On Monday, we will have some announces from a preliminary meeting of European central bankers and Finance Ministers and most likely it will have some optimistic notes. It will push the euro higher, but as far as we had two bullish weeks, the market can expect some correctional movement soon. A more important event will take place next Saturday when we will have the G20 meeting. Some worries arise from the wave of protest happening in the United States and in Europe. These events will certainly create pressure one the market and can push traders to sell risk.
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