Yesterday Jose Socrates, still acting as the Portuguese Prime Minister, announced that Portugal had to ask the EU for urgent financial aid.
The Portuguese government was trying to avoid this step for a long time. But eventually they gave up. The national interests are above all, Socrates said. Thus, Portugal is the 3rd EU country (after Greece and Ireland) that asked for financial aid. Experts preliminary estimate the aid at €80B.
The European officials positively reacted to the news supporting the decision made by the Portuguese government. Jose Manuel Barroso, President of the European Commission, promised to consider the aid as soon as possible.
FOREX. EURUSD seems to reflect the optimism connected with the situation around Portugal and keep showing growth.
According to the Sub-department of Anticipatory Forecasting under the Department of studying Masterforex-V trading system , the H1 timeframe is showing a correction, which may form a downward Reversal Point (RP), and the end of a new upward wave A of H1. Consequently, the intraday movement will probably form wave B of H1. With the help of the AFS elements it is necessary to define its end of the wave and then determine whether the trend will continue or reverse.
If all the conditions are met the upward movement targets will be 1.4367-1.4398 and 1.4522.
