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EUR/USD extends falls on ever growing Greek worries

The situation in Greece is becoming more sticky, and the pressure that began yesterday  is mounting. There are fresh reports that the ECB is considering limiting the Emergency Liquidity Assistance which was the only lifeline after the Frankfurt based institution stopped accepting Greek bonds as collateral back in  February. This isn’t the only  ominous sign.

EUR/USD is trading at 1.0660, extending previous falls.

These reports coming out of the ECB could well be a negotiation tactic, but they come on  the background of nervousness about the Greek situation.

Yesterday, the Greek government announced that all funds of local governments must be parked at the central bank in Athens.  This is an official decree.

It seems that the government is trying to dig out whatever funds they can grab in order to pay salaries, pensions and perhaps the IMF.

There are doubts if the next IMF payments will happen on time or happen at all. The previous deadline of April 24th, this Friday, is coming, but there is another “final final” deadline on May 11th. The Eurogroup meetings are supposed to approved  negotiations, but those are stuck at the moment.

More:  EUR/USD: 55d AVG Key – BofA Merrill

Here is how it looks on the chart:

Greek crisis April 21 2015 weighs on euro dollar technical 30 minute forex chart

 

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.