EURUSD rose yesterday after Greece secured 6.8 billion Euro bailout from the Troika

Posted By Admin Tuesday, July 09, 2013
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EURUSD rose yesterday after Greece secured 6.8 billion Euro bailout...

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Admin
 Posted Tuesday, July 09, 2013
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EURUSD rose yesterday and closed at 1.2868.

The Greek government secured 6.8 billion Euro bailout from the Troika following an agreement for further public payroll cuts. The European Union economic and monetary affairs commissioner Olli Rehn warned that the country needs to boost the momentum on reform. The Bundesbank Chief Jens Weidmann stated that the European Central Bank cannot solve the Euro areas debt crisis on its own and has urged the national governments to adopt reforms and tighten its fiscal rules.

The Trade Balance in Germany shrank to a reading of 14.1B in May. The German Industrial Production month over month dropped -1.0 percent in May. During his speech yesterday the President of the European Central Bank Mario Draghi stated that the central bank’s stance to maintain accommodative monetary policy in the near future. Support for the EURUSD is seen at 1.2809 and resistance is seen at 1.2923. The HotForex Traders Board shows that 60 percent of the traders are long on the EURUSD.

http://blog.hotforex.com/wp-content/uploads/2013/07/EURUSD-09-July-2013.jpg



GBPUSD The Cable rose yesterday and closed at 1.4949. The Manufacturing Production month over month in the United Kingdom dropped -0.8 percent in May. Following the release the pair dropped sharply and its currently trading around the 1.4880 level. Support for the GBPUSD is seen at 1.4855 and resistance is seen at 1.4989. The HotForex Traders Board shows that 77 percent of the traders are long on the GBPUSD.



http://blog.hotforex.com/wp-content/uploads/2013/07/GBPUSD-09-July-2013.jpg



(c) From http://blog.hotforex.com/eurusd-rose-yesterday-after-greece-secured-6-8-billion-euro-bailout-from-the-troika/


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eMoe
 Posted Tuesday, July 09, 2013
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Personally I think that this event will take the same effect on market as the previous one. At first EURUSD will decrease, then stabilize and get back to the normal channel size.

Best regards!

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