Vlad Demochko
Forex news.
Yesterday Finance Minister of Spain Cristobal Montoro held a speech before the country’s government. He has introduced draft budget for 2012, which is the toughest on record. “These days our country is in very vulnerable condition,” stated the Minister, “and current recession of the country’s economy is only making the situation worse and the mission implementation extremely difficult.”
The same has been stated by the head of the government Mariano Rajoy, “Current situation is very complicated and hard. The government is aware of this; that is why we are obliged to take decisions in order to solve this situation”. The issue of Spanish ability to reduce budget deficit keeps markets on tenterhooks.
At FOREX market EURUSD currency pair is within 5th wave up of h1 level, which is partially proved by higher timeframe. Continuation of its formation is to be expected during the day. Further, either extension of wave structure upwards or descending to wave "С" of correctional structure "АВС", probably with hidden wave "В", is likely to happen. According to the System of Early Prediction of Masterforex-V Trading Academy, passing 1.3252 and 1.3270 price levels is one of the criteria for canceling the latter variant.
Vlad Demochko
