EUR / USD - a strong weekend closure will confirm the validity of the "Head and Shoulders" pattern

Yesterday, Eur/Usd was trading firm in the green by the end of the day because of positive statistical block from the EU, despite the day-off in US. Business activity indices in the EU showed strong growth as the actual data came out better.

But at the same time, the political crisis in Germany continues to hang over the euro. While the situation is in a "suspended state", and most likely will be further developed next week. German president will meet with representatives of all factions to assess the situation.

Strangely enough,there is a similar situation in the United States. In connection with the holidays, the battles over the tax reform for the time being quieted down and will probably receive their offer next week, when the Senate is likely to vote on its version of the bill.

Today, the only hope the market participants can place on is the Index of the business climate in Germany, which was published. The indicator outperformed expectations at the level of 117.5 against the forecast of 116.6 and the indicator of the previous month of 116.8. These data caused a certain revival in the market with a predominantly initiative on the bull side.The technical picture has not change significantly for last session.

Recommendations: Watch for this week’s market closure

Fort Financial Services