According to the analytic team of Lombard Odier, after the Greek and French elections, it became clear that the eurozone’s austerity plan is under threat of staying unfulfilled.
Yesterday, on May 21st, the Spanish Department of Finance announced that the country’s economy will shrink by 0.3% in Q2 2012. This means the recession in Spain will continue for the 3rd consecutive quarter. During the last 2 quarters, the Spanish economy shrank by 0.3% in each quarter.
Forex.
According to , EURUSD keeps staying within the price range formed by wave «А/4» of H4 started at 1,2642. The MF pivot 1,2811 is a major level of resistance. On breaking and consolidating above this level, the price will reverse the mid-term downtrend. Alternatively, if consolidates below 1,2655, the downtrend will be resumed.
