Just a Quick Technical note on last Sundays overview Followed by some fundamental chatter . Time Permitting I,ll get some Forward Analysis out later this week other than to say,
Bulls created a strong foothold in the above 138.56 LEVEL and readied there assault on higher ground .
With another EU sovereign ratings downgrade Last week – i.e Moody’s downgraded Portugal’s long-term government bond rating to A3 from A1 having Little or no effect confirming the strong buying presence in the market above 138.56 LEVEL .
The 1.4000 handle was broken for a move to resistance levels at 1.4180 – Eyes now turn to longer-term weekly high of 1.4400.
The EU reached an agreement to expand the role of the EFSF this is effectively another Europe-wide bailout ” it permits the peripheral nations to refinance for the rest of the year without needing to auction their own debt in the public markets.” an important development and would usually have been a key headline for the markets but over shadowed by current world events as newswires have been dominated by Japanese nuclear fears as the possibility of a catastrophic disaster remains .
Freshly Squeezed Pips.