The EU authorities keep exerting pressure on Greece to make it Athens implement several reforms and introduce extra austerity measures. The IMF and ECB are currently having talks with the Greek authorities on further spending reduction, labor market reforms and the bailout of Greek banks.
On Monday Greece adopted a new law, which allows further job cuts in the country’s public sector by 15K jobs. Since 2008 the Greek economy has shrunk by 12%.
March 20th is considered the deadline when Athens should pay back 14.4B euro, the amount that the Greek authorities do not have at the moment.
As for the Euro currency itself, the EUR futures contract is trying to consolidate above last week’s level 1,3175 (1,3174 Forex). If the attempt is successful, the next targets will be: 1,3200 (1,3199 Forex) and 1,3250 (1,3249 Forex).
The upward movement was attended by significant trading volume. However, the price has already come close to the top of the price range, which suggests the probability of a reversal. The closest levels of support are 1,3145 (1,3144 FX), 1,3118 (1,3117), 1,3084 ( 1,3083 FX) and 1,3046 (1,3045 FX).
