Last week, top-ranking EU officials confirmed the fact that the worst times for the eurozone were gone. 2012 was a decisive year for the currency union.
However, the eurozone crisis is still underway. According to Jose Manuel Barroso, President of the European Commission, assume that the major problem is that 17 eurozone members cannot agree on several key issues. This affects the union’s financial stability.
At the same time, Mario Draghi, President of the ECB, addressed eurozone governments during his speech made last week. He urged them to improve the stability of the national banks and keep practicing austerity aimed at reducing budget deficit and public debts.
On the one hand, the eurozone has reached relative financial stability. On the other hand, the Cyprus scenario may through eurozone back to the same confrontation that was seen around the PIIGS.
Forex.
The chart below, courtesy of , reflects the current state of affairs in the market of EURUSD. The currency pair has recently made a strong bearish move from 1.3010 up to 1.3384, the experts report.
We will see a further uptrend as soon as the price breaks above the 1.3403 high. In this case the currency pair may encounter resistance around 1,3485. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.3248 (as shown below).
