[forexfilms]

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!

[forexfilms]

The EUR/USD has spent most of this week correcting. We have reached the 1.4500 level but since tomorrow is Friday and the pattern does not look technically complete I expect more continuation to the downside. Targets discussed in video.

Forex Fundamental and Technical Analysis Video

[forexfilms]

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.

[forexfilms]

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...

[pbylina]

Why didnt EU kick Greece out a long time ago?

[MadMarketScientist]

Originally Posted by pbylina »

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

[pbylina]

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...

[forexfilms]

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.