Yesterday the center-right Social Democrats, headed by Pedro Passos Coelho, won the general election in Portugal , unseating the Socialists. They got 105 seats in the 230-seat Portuguese parliament. The Socialist party is now going to become the opposition with 73 seats.
The election was early because in March 2011 the Prime Minister Jose Socrates resigned. In early May Portugal agreed with the IMF, EU and ECB to implement an austerity program aimed at reducing the budget deficit in exchange for a €78B loan.
It is possible that some other EU countries may see a change of power as well.
FOREX.
On Friday EURUSD reached 1.4608 - the minimal target of wave C H1. According to the ASF Sub-department under the Department of Masterforex-V TS, 1.4608 will become the next target. A strong sloping S/R level - МА_Zotik - is located slightly above it.
To define the vector of the forthcoming movement we apply the ASF elements and other binary patterns by MF.
