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EUR/USD Daily Review 19 March 10

IT IS FRIDAY!!!!!!!!

Cash the pips for beer
Cash the pips for beer
Cash the pips for beer

Yesterday we saw bearish action overwhelming the market due to concerns over the Greek deficit crisis. The Greek Prime Minister set a one-week deadline for the European Union to have a concrete framework of financial aid for Greece. He also challenged Germany to give up its doubts about having a rescue package. If no concrete plan materializes by then, Greece may turn to the IMF for aid. We may seek further fallout and hence i spoke of the need to monitor developments.

The EUR/USD sliced through the support of 1.36 and 1.355.

The S&P 500 is facing bearish times too as sentiments take a hit.

Oil falls back to $80 for now.

Gold is trading at $1108 for now, under the pressure of a stronger US Dollar.

***

Greek’s deficit solution is facing more complications now.

It has been reported that the French and German government are having opposite opinions on the Greek deficit solution. Germany’s is calling for an International Monetary Fund loan solution while France feels that it is a matter for the European Union and investors’ confidence must be restored.

Investors do not like sovereign issues and hence risk aversion is strong. We must also note that the pressure to solidify a solution is strong as Greece faces a 20 billion Euro of debt redemption in the next two months.

Possibly further escalating the issue comes the report that S&P 500 may consider cutting the credit ratings of the Greek banks. This is due to the belief that profitability at Greece’s largest banks may become affected in the upcoming years due to the deterioration of the country’s economy.

As the markets prepare to close for the weekend, be careful of unexpected spikes.

Bullish relief may see us back at 1.3550.

Further bearish fallout may target the strong support of 1.3455.

***

Koalas oh koalas! Remember today is Friday.. do not risk excessively and ruin your weekend. Remember, the Forex market will be there for you on Monday.

No worries mate 🙂

Trade Safely! ( Runs off in beach wear lol )

Remember …Join the koala over at facebook today!

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