Euro After The Greek ‘No’
Leonardo Barata | Jul 07, 2015 12:18AM ET
After the Greeks voted ‘No’ on accepting the Troika’s bailout proposal, euro gapped down at the opening, in seeming weakness. But lower prices meant it’s now a currency more attractive for buying, which is what institutional traders did – we can see 2 major demand bars, still in the Asian session, and afterwards test bars (Oanda’s feed). EUR/USD also failed to break the previous support at 1.095. I’d like to see either a trendline break, or the prices testing the demand zone, to get in long at a better price and to ensure the trend is really about to change. The daily trend is still clearly down, and this move is happening after major supply at 1.134 in the beginning of June, which could dominate over these smaller trends if there’s not enough strength for a pullback to happen.
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