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Old 01-07-2014, 06:37
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VolkovYuriy VolkovYuriy is offline
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Join Date: Dec 2013
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Default re: FreshForex -

The Eurozone economy recovery slows down


The Bank of England will not raise its interest rate to a level previously considered "normal" for the foreseeable future. This was stated by the regulator Mark Carney. In a BBC interview Carney said that some factors would adversely affect the economy in the coming years. Among them is the high level of household debt. He expects demand for exports UK is likely to remain weak as a result of the economic difficulties of the Eurozone, while the pound is likely to remain strong.

Trading recommendations

The pair is again targeting the last week high of 1.7060, the lowest level in 5.5 years. We expect a break above this level. The break above 1.7060 may send the price to the target levels of 1.7115 and 1.7223, the latter of which is a wave equality target from the "bullish wedge" minimum of 1.6694 in late May. The inability to break above 1.7062 will cause a weakness towards 1.6952, but only within the broader bullish continuation pattern.

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