Nataly Kambur
The recent summit in Brussels laid the foundation for the combating the eurozone crisis. EU leaders persuaded the private holders of Greek bonds to write down 50% of Greece’s debt. Right now the Greek authorities are having talks with private banks on the writedown.
Georgeos Papandreou said the EU summit gave Athens a timeout to gain strength before another series of reforms. Nikolas Sarkozy assumes that Greece should have been allowed to enter the eurozone as at that time its economy wasn’t ready for it. However, Mr. Sarkozy is sure that due to the solutions worked out during the summit Greece will be able to avoid a default and come out of the debt crisis.
The results of the summit reassured the market, thus making the common Euro currency a little stronger. However, there are still many factors that can destabilize the economic and financial situation in Europe.
FOREX.
The experts of the Department of Masterforex-V trading System report that yesterday the market formed wave C H6-H8 inside the “Hound of the Baskervilles” pattern by Elder/ MF. The next target is located at 1.4382. This well may be the end of the current rally. Anyway, in order to continue the rally, EURUSD will have to consolidate above the level. There is no point in considering a major downtrend until the price breaks below the MF pivot 1.3800 and comes out of the MF sloping channel 1.3656/1.3798 (as shown below).
Nataly Kambur
