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?
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.
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