On October 9th, Angela Merkel visited Athens in order to have talks with Antonis Samaras, Prime Minister of Greece. After the meeting, the Chancellor said that she was content with Greece’s economic reforms aimed at cutting the budget deficit. There is progress at this point. Therefore, Germany is going to back Greece’s economic recovery.
Mrs. Merkel underlines that Germany and Greece should retain their bilateral relations in all aspects and continue solving economic and financial problems together. For reference, this is her first visit to Greece since 2007.
Merkel’s visit to Greece was attended by protests. Most Greeks are sure that the German government is to be blamed for the Greek crisis as they force Greece to implement very tough austerity measures in order to provide the country with another loan.
At the same time, the Euro Group failed to come to an agreement over Greece during the latest meeting and decided to postpone the decision till the next meeting. Therefore, Greece will have to wait for some time till the Euro Group approves another tranche estimated at €31.5 bn.
Forex.
According to , the Euro currency is weakening against the US Dollar. The experts report that EURUSD is forming wave C of level H4.
The closest levels of support are 1,2835 and 1,2803. In order to reverse the downtrend, the price will have to overcome the top of the MF sloping channel and consolidate above 1,2990 (as shown below).
