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Greece rejects proposal, delays payment – EUR/USD pressured

The Greek crisis is escalating: Greece officially rejects the so called “last, best offer” by the creditors and in addition, the debt stricken country announced it will not honor the ~€300 million payment to the IMF on Friday.

They want to bundle all June’s payments into one at the end of the month. This is becoming more serious.
EURUSD has already dropped over 120
pips from the highs for various reasons, and the pressure continues.

Greek officials still remain optimistic for a deal. There will be a meeting with Merkel, Hollande, Juncker, Draghi and Lagarde in Berlin on Monday.

Here is how it looks on the chart:

EURUSD Down June 5 2015 on Greek rejection of EU proposal

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.