Vlad Demochko
Greece keeps playing first fiddle in the decline of the common European currency.
Despite the fact that the EU leaders finally came to an agreement on financial aid, Euro keeps losing its value because Greece keeps ignoring the main condition –tough economic reforms. Moreover, the country has been hit by a wave of protests. The prime Minister of Greece George Papandreou cannot control the situation and cannot reach an agreement with his parliamentarians. Most analysts assume that the recovery of the common currency will take place only if the situation in Greece gets stable.
The publication of the USA’s major consumer indicators is scheduled for 13:55GMT.
The Department of Volume Analysis of has defined the following trends:
The mid-term trend of EURUSD is flattish
The short-term trend of 6ЕU1 (EURUSD futures) is the following:
The key reference point is 1.4110 – this week’s max volume cluster (over 8000lots). In order to stay dominant the bears will have to initiate a downswing from the level. If the bulls manage to resist the pressure, the price will probably continue the flattish movement.
Vlad Demochko
