German Elections and Angela Merkel
Angela Merkel is still on a continuous path of defending her position in the upcoming election and blamed the Greece situation on the previous chancellor by saying that such a country should never be allowed to join the euro. However, one may say if such is the situation then certainly there should be the same argument for Spain, Portugal and Italy!
There is no doubt that reappointing of Angela Merkel as a chancellor for the third term could be a positive news for the Eurozone provided that she has an extensive experience of pulling the country out of a recession which has a spillover effect for the rest of the Europe.
The EUR/USD pair is moving in a side way action on a 30 minute time frame. The pair is moving in a sideway wedge pattern however there are more odds stacked that the price may break out of this wedge to the upside because the price has touched more times the upper line of this wedge thus suggesting that the buying pressure could be increasing soon The pair is also trading near the 50 day (shown in green) and 100 day (shown in yellow) moving averages which confirms that there is a constant tug war going on between the bulls and the bears.
The RSI is trading in line with the price with the price action which means that the bias could be to the downside.