Yesterday Angela Merkel made an official visit to Beijing to meet with Wen Jiabao, China’s Premier Minister. The eurozone crisis was the main topic to discuss.
Angela Merkel’s mission is to persuade China that the eurozone is still stable, especially amid new fiscal and budgetary rules. The parties also discussed the possibility of expanding China’s participation in the financial life of the eurozone (including the ESM) and the liberalization of the Chinese Yuan exchange rate to improve the global financial system.
In the meantime, EURUSD is forming an upswing of wave level H4-H6. The wave is represented by a complex pattern on smaller timeframes. According to the SRP Department of , the most probable scenario is wave B H1-H4 against the previous downswing. The scenario will be cancelled once the MF sloping channel is broken.
