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Greece Optimism Running On High
The Euro hit a 2 month high fueled by optimism over Greece before slipping back over the last few hours. According to reports, Greek officials have agreed to all terms except one which will see talks continue later on today.
Most analysts believe that we will see the deal go through later on today, but at this stage, we've heard it all before. So we'll have to wait and see what happens.
If the deal does go through, it would likely offer only a short-term boost to the Euro given the ongoing uncertainties about Greece and the other Euro Zone economies.
News Watch For EURJPY
There are 2 High Impact News Releases scheduled for the Euro currency pair that you should be aware of:
12:45pm GMT - Minimum Bid Rate
01:30pm GMT - ECB Press Conference
Remember that the outcome of the Greek Debt Deal may see an impact on the market once the deal is approved so keep an eye out for that.
EURJPY Analysis
Regular Bearish Divergence is all over my 4 hour chart at the moment and after price made an initial surge upwards, we could see price dip lower should the black, dashed trendline be broken.
At the moment there is a counter trend trade signal forming on my system so I'm looking for a breakout of the trendline or below the 102.200 level to enter a Sell order.
There still is a chance that this signal may fail. If price starts moving upwards and breaks out of the 102.750 level my system would present a Buy re-entry signal.
I'll be keeping an eye on how this develops and be sure to share the outcome with you in my next update. Until then, take care and all the best!
Happy trading!