Technical Analysis: EUR/USD and the Greek Ticking Timebomb | Vantage FX

Technical Analysis: EUR/USD and the Greek Ticking Timebomb

May 21, 2015

“If there is no deal by then that will address the current funding problem, they won’t get any money.”

The IMF has stated the obvious in a leaked document that specifically states that there is no possibility that the Greek authorities will be able to repay the entire €1.5B debt payment due in June without being granted further bailout funds.

“The endgame is here for Greece. Their situation is not tenable.”

Sure the Greek government can continue to kick the can further down the road over the next few weeks, but the game must come to a close and with a €1.5B debt payment to the IMF due, we have now moved into injury time.

But why is this time any different you ask? Because that number is TWICE the size of last month’s debt payment which Greece was forced to borrow again to pay.

It just can’t continue.

EUR/USD Daily:

Click on chart to see a larger view.

EUR/USD has stalled on the daily after bouncing off this nice level.

EUR/USD Hourly:

Click on chart to see a larger view.

With the strong USD narrative back on the cards, Greek headlines could be the catalyst to knock this level out and beyond.

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Dane Williams – @VantageFX

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