Data released today shows that unemployment continues to rise unabated in the Euro Area, and now sits at 11.6%, as shown on the graph below. It's been rising since the lows in 2007 and is well above the levels seen in January 2000. For details of the report, click here.
So far, the ECB's LTRO 1 & 2 programs have not resolved the unemployment problem in the Euro Area...for that matter, neither have the actions of the EU, to date.
In the meantime, the STOX50 remains range-bound within a zone of major resistance below the 2011 highs, as shown on the Daily chart below. Price is swirling around the 50 sma, but declining RSI, MACD, and Stochastics Indicators are indicating weakness within this zone.
In the absence of encouraging and co-ordinated political, economic, fiscal, and financial actions/reform by EU countries, I expect this Index to decline and, potentially, test the uptrend line, which currently sits at 2350.
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UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. July 29 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Fri. Aug. 7 @ 8:30 am ET ~ Employment Data
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