EURUSD started the week with a sound rally despite multiple eurozone problems. Athens still cannot agree with its creditors on debt restructuring. It should be noted that the lenders are ready to write down 50% of Greece’s debt once it implements additional austerity steps including multiple reforms and budged spending reduction.
At the same time, if Greece doesn’t receive another 130B loan from the IMF/EU/ECB trinity of lenders, the country may well default on its debt.
Meanwhile, market participants are getting cautious in advance of another French bond auction. The eurozone’s second biggest economy is planning to allocate up to 8.5B euro from bond sales.
According to the experts of , the 6E futures (EURUSD) has recently made a new high. Judging by the trading volume, a test of 1.3300 is highly probable. A break and consolidation above it will give way to 1.3350. Otherwise, the price may test 1.3250.
