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:
eud1
Click on chart to see a larger view.

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

EUR/USD Hourly:
euh1
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.

Receive free Forex education with Vantage FX. Leave a comment below or mention @VantageFX on Twitter.

Who is Vantage FX?

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd, does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. The research contained in this report should not be construed as a solicitation to trade. All opinions, news, research, analyses, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently any person acting on it does so entirely at their own risk. The experts writers express their personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy and timeliness and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on the service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Social

Free Daily Market Update

Live Spreads

SymbolBidAskSpread

Spread

Sign up to the latest forex news and daily FX trading setups

Get started with a FREE $50,000 demo account