The emergency announcement of a 30M euro mechanism to bail Greece out sent EUR/USD high above the close. Other currencies made significant leaps as well – some are big breakouts.Is it here to stay? We’ll know quite soon. The European finance ministers made an unusually timed teleconference on Sunday, and came out with a dramatic announcement – an approval of a mechanism that will supply Greece a huge safety net for borrowing below market rates – 30 billion euros. Adding 10 billion euros of IMF money, Greece gets a big breather. Coordinations between the EU and the IMF will begin on Monday. This news of a rescue plan are good news for the Euro, and for global recovery. The announcement came at a perfect timing for forex trading. Just as the markets opened, traders in the Sydney session sent the dollar to the ground on risk appetite trading. EUR/USD leaped above 1.36, a high it reached two weeks ago and reached 1.3672, the highest level since March 18th. It now trades lower, but still more than100 pips above the close on Friday. A huge weekend gap. The Euro is not alone. GBP/USD confirmed the break of the stubborn hurdle of 1.5350 and peaked at 1.5467 before calming down. This is the highest level since February 24th. Another big winner is the Aussie, which jumped above the extremely strong resistance of 0.9327 and reached 0.9388, the highest since November and very close to the 2009 high of 0.9405. The Canadian dollar isn’t enjoying this dollar weakness, as it struggles with parity, and also begins getting a status of a “safe haven” currency – sought in times of trouble and unwanted on optimism. USD/CAD didn’t make strong moves. Is this just jumpy,thin volume trading? This is the big question. Volume is low at the very start of the week, as it’s only Sunday evening in the US and night time in Europe. The Tokyo session didn’t begin yet, so we’re only with the Sydney session. Things could change when the Tokyo session begins at midnight GMT. These gaps could be filled. Learning from the past, if the gaps aren’t closed within an hour of the opening of Tokyo session – it means that the market is really moving, and that the trend, dollar weakness here, will continue through the London and New York sessions. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. 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. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex News share Read Next American Indicators, Greece and Gaps in the Video Outlook Yohay Elam 12 years The emergency announcement of a 30M euro mechanism to bail Greece out sent EUR/USD high above the close. Other currencies made significant leaps as well - some are big breakouts.Is it here to stay? We'll know quite soon. The European finance ministers made an unusually timed teleconference on Sunday, and came out with a dramatic announcement - an approval of a mechanism that will supply Greece a huge safety net for borrowing below market rates - 30 billion euros. Adding 10 billion euros of IMF money, Greece gets a big breather. Coordinations between the EU and the IMF will… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.