The representatives of the EU/ECB/IMF trinity of lenders spent 2 weeks in Athens having intense talks with the Greek government on the possibility of providing Greece with another tranche estimated at 2.8bn euro. However, the Greek authorities failed to provide reasonable arguments and to prove that their reforms are efficient. Therefore, the European inspectors left Athens without making a positive decision.
At the same time, the Greek authorities are still hoping to get another loan. They say a new package of reforms will be ready in late March – early April when the inspectors are planning to visit Athens again.
Even though the external financial support has been supporting the Greek economy all that time, the economy is still nearing the abyss. For reference sake, new austerity steps imply mass job cuts (up to 25 000 employees).
Forex.
The chart below, courtesy of the SRP Department of , reflects the current state of affairs in the market of EURUSD. The currency pair keeps building wave C H1 after making a false break of the local low. If all the conditions are met, the price may well hit 1.3079 and 1.3162.
In terms of bigger timeframes, we can see a recovery move, which has probably taken the form of a new wave B inside the ABC pattern of level H4 or wave 4 inside the bearish move of level H16.
Alex von Stachelkopf, аналитик отдела "Форекс, курс евро", трейдер кафедры СРП Академии трейдинга Masterforex-V
