EUR/USD and GBP/USD maintain disposition at the beginning of ...

Last week Forex trading was done in unusual conditions. On Thursday Thanksgiving Day was celebrated in the USA.? That is why many investors began to leave the market and returned to the monitors only on Monday. Thus, Forex market became a thin market by the end of the week. High profit currency managed to avail itself of the opportunity. The euro attacked the dollar and approached to 1.3000. It was mostly caused by the expectations of Greek aid tranche which may be approved by the Ministers of Finance of the euro zone at today?s meeting. The unified currency was also supported by the reports published during the week, which mostly represented better-then-expected results. What are the perspectives of the EUR/USD currency pair for the last week of autumn? Of course, if the Greek tranche is approved, the euro will most likely continue growing and then the euro will aimed to break out above 1.3000. But we can?t rule out the possibility of another scenario. Firstly, there are no guarantees good results of today?s meeting (let?s remember Merkel?s words on disagreements over Greek problems).Secondly, even if the ministers approve the next aid tranche, it need to be approved by the Parliaments of many countries, including Germany (the Parliamentary voting will be on the 30^thof November). Moreover, don?t forget about an old favorite trading rule But the Rumor, Sell the Fact. So, the EUR/USD growth may change into decline. In my opinion, it will depend on whether the euro will manage to break out above 1.3000 and will fix above this level. If it manages to do it, bull trend will remain intact. If not, the euro may lost everything it has got without difficulties in thin market. The GBP/USD currency pair also broke out last week. By the way, the pound managed to get an important technical victory: to return above key resistance ? the Gann line which begins from the summer low (which is red on the chart). It became a kind of ?restoration of justice?: after all the EUR/USD manages to hold up above the same line on its chart. Meanwhile, the UK economy doesn?t look worse than the economy of E-17! And published protocol of the last meeting of the bank of England confirmed that the quantitative easing implemented by the Central Bank is not expected this year. So, from this point of view the pound looked re-sold lately. This week the GBP/USD dynamics will depend on the fact whether this currency pair will manage to fix above achieved level. If it returns under 1.6000, it will create a threat to downward movement.

Source: http://blog.forex4you.com/eurusd-and-gbpusd-maintain-disposition-at-the-beginning-of-new-week/

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