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Greek Parliament Passes Vote – EUR/USD Still Capped

Yes is the answer. The Greek parliament said “yes” on the first vote of the austerity measures. Violence continues outside the parliament.

EUR/USD now trades at 1.4391. Trading is very very choppy, but the pair stays away from the resistance line it challenged earlier. The vote hasn’t been completed yet, but there is already a majority.

Update: Vote completed. Speaker of the house announcing it. The score is 155:138. Votes went according to party lines, apart from 1 member of the ruling party that voted against, and one member of the opposition that voted for the measures.

One member of the ruling Pasok party, Kourouplis, that voted against the measures,  was immediately thrown out of the party after the vote. Also the opposition member was kicked out of her party for voting for austerity.
Euro/dollar traded just under the 1.4450 resistance line before the vote. It moved up towards this line as it became apparent that the vote will pass: members of the Pasok party moved in line with the government, which also got support from the opposition.
During the vote, the pair fell as low as 1.4330, just to bounce back to 1.44. After the vote, trading is less choppy, but very unstable.
This is mainly due to the ongoing crisis.  Votes on implementation laws are expected tomorrow.

For more technical lines for EUR/USD and upcoming events, see the euro to dollar forecast. We have US pending home sales coming soon, and quite a few important European and US figures tomorrow.

You can see all upcoming event in the live forex calendar.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.