Good day forex traders.
I am out today with a busy work schedule but I wanted to spend some time with an update for you folks.
We noted a bearish drop yesterday due to fears of the Greek bailout negotiation. Germany was reported as unlikely to give way and this caused further apprehension.
As the G20 meetings go on, it was reported that the pressure on Germany and the Euro Zone to solve the immediate crisis is on. An European Union official was reported as saying that a common agreement regarding the Greek bailout will be sought and signs of relief returned.
Across the Atlantic, speculations were reported on possible US Federal Reserve stimulus as the US economy slows sign of a slow down. This brought about positive sentiments.
After yesterday’s dip, the EUR/USD is now back up testing 1.2700. A short term bullish channel seems to be developing.