Some ECB officials say that writing down some of the Greek bonds is a rather risky measure as it doesn’t resolve the eurozone crisis and keeps having a negative impact on the entire region.
The essence of the Greek debt comes out again. The Greek authorities failed to come out of the crisis but managed to ask the EU and IMF for further support. At the same time, the ECB’s policy shows no grounds for the strengthening of the common European currency. Therefore, the further downtrend of EURUSD seems like the most probable scenario.
Being traded in a D3 range, not so long ago EURUSD finished the formation of the reversal wave A/B of D1/D3. In this case the experts of the Department of Masterforex-V Trading System consider the following scenarios:
Once the downswing continues and makes a FZR at 1.3483, it will form the “Hound of the Baskervilles” pattern by Elder/ MF. In this case the closest support will be found at 1.3406. If EURUSD rallies and makes an upward FZR at 1.3811, the currency pair will probably head at least for 1.3936, which will become the closest significant level of resistance.
