EU lenders promise to write off the Greek debt

By GG Analyst in Reviews 0 Comment

EUR/USD

EU lenders have agreed to ease off on Greece. To reach this agreement the IMF needed three hours-long meetings over the last three weeks (for example, the last meeting took 12 hours).  It’s been decided that €40bln of the debt will be written off to reduce the debt/GDP ratio down to 124% by 2020. The agreement presupposes that write-offs will start in the year, when Greece achieves the budget surplus.  Now it is expected to happen by 2016. But we all know that there is a high risk that this term won’t be observed. Yet, such perspectives hardly upset the market, more…

Friday profit taking?

By GG Analyst in Reviews 0 Comment

EUR/USD

The trends of yesterday’s sluggish session were quite similar to those seen a day before: gradual depreciation of the dollar.  This is quite likely to develop into a new trend. The reversal ran like this: the slight gradual improvement last week with purchases on the intraday dips spilt over in triggering of stop-orders at the beginning of this week, which is confirmed by long candlesticks on short-term time frames (especially in the 15min-candles). The euro purchases despite the news made it quite clear that the bulls’ intentions were serious. On Wednesday the pair was falling from the daily open of 1.2815 more…

All’s well that ends well

By GG Analyst in Reviews 0 Comment

EUR/USD

Yesterday the market fooled us all. It happens. The euro’s depreciation, caused by the ongoing uncertainty around Greece, attracted buyers, who further lifted EURUSD above 1.28. Last night the pair jumped even higher, to 1.2865, on the news about the ceasefire in the Middle East. Looking at a bigger time frame, we see that EURUSD has been reversing since November 13. Each attempt to push the euro lower spilt over into new purchases – long lower shadows in the daily candlesticks clearly indicate this. It’s remarkable that this coincides with the beginning of the rally in USDJPY. Thus, it follows that more…

An opportunity to buy?

By GG Analyst in Reviews 0 Comment

EUR/USD

Now the situation in the markets looks more reassuring than at the end of the previous week. There is a growing feeling that the drop by over 5% since the day of Obama’s reelection was a too pessimistic reaction of the market players to the possible fiscal cliff. Sure, the issue is serious and risks are real (we do remember that last-moment deal in the style of the best American action films in August 2011). However, at the current levels the stocks look rather attractive for buying. The investor interest is growing with the approach of Thanksgiving Day, when the markets more…

False optimism

By GG Analyst in Reviews 0 Comment

EUR/USD

Yesterday the market didn’t hurry to stop a retracement. The single currency continued its upward trend against the dollar and hit a new local high at 1.28. Then, just like a day before, the pair moved off the maximums and took up a defensive position. Today we see systematic purchases in the pair, very cautious at the moment. But it can be just the beginning. We still believe that the euro’s attempts to recover this week resulted from the technical short-squeeze and retracement after the large-scale selling since the second half of October. Our opinion is confirmed by the fact that more…