On Sunday Portugal held early parliamentary elections. They were planned after the Prime Minister Jose Socrates resigned in March. His austerity program hadn’t been approved by the parliament.
After the votes were counted it became clear that Pedro Passos Coelho (and the Social Democratic Party headed by him) won the elections by receiving 38% of votes. Jose Socrates’ Socialist Party got only 28% of votes.
Pedro Passos Coelho, the newly-elected Prime Minister of Portugal , is going to create a new coalition government, which is to implement a new and ambitious privatization program and to reconsider the existing infrastructure projects.
FOREX.
EURUSD keeps rallying. The experts of the Department of Masterforex-V TS explain that the currency pair completed the retracement of H16 after coming out the bearish sloping channel. Now the price is forming an upswing. It needs a “moment truth” and a bullish FZR to confirm the continuation of the rally. In this case the closest resistance level will be located at 1,4939. A bearish FZR of Daily1 will cancel the upward scenario and will initiate the “Hound of the Baskervilles” pattern by Elder /MF and will confirm the ABC retracement pattern of Daily1. 1,3969 will become the closest support level.
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