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EUR/USD falls to lower range on crisis in Eurogroup

Reports are coming out of the  Eurogroup meeting saying  that a draft handed to Greece was rejected by the country and that talks were temporarily suspended. Greece says that the text that was given to it was a  reversal of the agreement reached between Greek PM Alexis Tsipras and Jeroen Dijsselbloem, the head of the Eurogroup. This may be a temporary crisis  as negotiations continue into the night, and we still believe a compromise will eventually be reached.. In the past, the Eurogroup reached conclusions also in the early hours of the morning. Is there a buy opportunity here?

Greek crisis talks in Eurogroup February 16 2015 eurodollar technical chart

EUR/USD is trading  at lower range, at 1.1335 at the time of writing. The old line of 1.1373 served as a very nice separator of ranges. The pair traded above 1.14 during the day and is now on lower ground.

According to the rejected draft, Greece would request a 6 month technical extension of the current program and would commit to “appropriate primary fiscal surpluses and any new measures should be funded”. This was rejected by Greece as “absurd” and unacceptable. The new government promised its voters to start a new path for the country.

More:  EUR/USD: Trading The German ZEW Economic Sentiment

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.