Bullish News Out of Euro Zone May Trigger Upside Breakout
Todayâ€™s sample of
The EUR USD finished the week up driven mostly by strong
demand for higher risk.The strong surge
in the stock market buoyed the Euro all week, but it was a contraction in
European manufacturing and services, and an improvement in German business
confidence that helped this pair finish the week on a high note.
market is at a crossroad.On Thursday
heavy selling pressure broke this market from a high at 1.4290 to produce a
reversal top.Although this reversal was
not confirmed by a follow-through break on Friday, the charts still indicate a
move through 1.4119 could trigger a correction to the downside.The main top at 1.4337 from June should still
be considered the most important resistance.Based on the action on Friday, it may take another series of better than
expected economic reports to finally push it through the top of its 60 day
Demand for higher risk assets helped push the GBP USD higher
for the week, but this currency pair still managed to close the week on a sour
note.On Friday, the Second Quarter
Preliminary GDP Report showed a bigger than expected decline.This news served as a reminder that there is
still a full-blown recession going on in the U.K.Furthermore, the government doesnâ€™t seem to
know what to do about it other than wait it out since the budget deficit has
ballooned out of control.
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