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forexfilms

EUR/USD to 1.5500

By forexfilms, in Forex

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forexfilms    10

forexfilms
Posted

Olli Rehn of the EU Commission saying the Euro Zone has prevented a financial meltdown and has contained the sovereign debt crises.

 

John Kicklighter of DailyFX reports,

"The BIS reports that German lenders were the largest foreign owners of Greek gov't debt at $22.7 bln."

 

Also hearing news of the very hawkish tone coming out of ECB meeting Thursday about raising rates July 25th. We're expecting a release of higher inflation forecasts.

 

Trichet says,

"Absolutely no way out of Greek adjustment."

 

All this and EUR/USD is a buy right now! Here's to 1.5500!

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forexfilms    10

forexfilms
Posted

If a bullish move ending at 1.5400 - 1.5500 is to remain on the table it is most likely we will find support around the 1.4250 area which is an area of support and the 61.8% retracement of the last move up.

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forexfilms    10

forexfilms
Posted (edited)

The S&P downgraded Greek debt again today. Greece now has the lowest credit rating of any country in the world. The S&P said it would consider any debt restructuring a default and therefore downgraded Greek debt three notches. The restructuring could be in the form of a bond swap or extending the maturities of existing bonds. The outlook for Greece remains negative and therefore S&P plans to downgrade again...

Edited by MadMarketScientist
removed url

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MadMarketScientist    11

MadMarketScientist
Posted
Why didnt EU kick Greece out a long time ago?

 

Because greece will default and all the other euro nations holding their bonds will have to write down a huge loss and that will trigger a serious run on the euro ... its sad but Europe and the US are both in a printing-money to inflate race! :-( This cannot end well.

 

MMS

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pbylina    10

pbylina
Posted

Damn. What currency or thing would it be best to have instead of US dollar or Euros? Swiss francs and gold? No point of having a trading account in US dollars if its gonna be worthless...

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forexfilms    10

forexfilms
Posted

US Dollars and Japanese Yen are the best currencies to hold long term but if you're interested in trading this changes every few days for traders. For the next few days and probably another month the Euro, Australian Dollar, British Pound will be best to hold.

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forexfilms    10

forexfilms
Posted

After Greek vote it was obvious EUR/USD was going lower but I think it has a lot lower to go than most people. I think we will drop to 1.4290 at the least but more likely closer to 1.4200 area. This view takes the entire move up as one Elliott Wave. My latest video discusses my views on EUR/USD post Greek vote of confidence. Also includes links to article on QE3.

Forex Market Outlook Video

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Lucid    10

Lucid
Posted

The EURO is still not in good shape it is very risk to take a long positions on the EURO right now. It could climb a bit but the fundamentals do not support the EURO. There are some big funds getting ready to push the EURO back down. I am hoping they start within the next couple of weeks, but they could wait until vacation time is over.

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forexfilms    10

forexfilms
Posted

You are correct Lucid but fundamentals have been bad for the entire uptrend. The EUR/USD is trading on technicals right now. I'm short term and long term bearish the EUR/USD but medium term bullish. I could of course be wrong but I believe that the current highest probability wave count points this direction

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forexfilms    10

forexfilms
Posted

I believe the US Dollar has made a major turning point today. Rather than moving directly to 1.5500 from here the EUR/USD is likely to correct further down the medium term support at the parallel channel. This puts the climb to 1.5500 on hold but does not negate it.

eurusdelliottwave062211d1.png.b26d5f09d243f165262b0c1a5313d5b4.png

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