EURUSD Pair Dance in the Greek Moonlight

CashBackForex

Active Trader
Apr 19, 2012
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Cork, Ireland
www.cashbackforex.com
EURUSD. Despite lower US equities and angst going forward that budgetary gridlock will continue, the USD versus the Euro fared well this past week. There had been rumors Washington officials had requested the EU debt problems would not be an issue until after the US election. Whether true or not, the plight of the Greeks has again emerged.

The Greeks have been dutifully performing their acts of austere penance, raising retirement ages, cutting pensions and scaling back on health care; this effort is to get the troika to release the next €30B tranche before they become insolvent, rumored to be in the middle of November. The latest rumor, however, is the EU finance ministers are going to delay the money for another month.

Resolution of the Greek debt issue would give the Euro relief, but a rally this week without resolution means the Euro can still be sold. The double high at about 1.3135 from the middle of October has given us an orderly sell-off down to 1.27. This channel remains intact with further downside likely, barring the release of funds. As always, watch your stops.

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