EURUSD Heading To The 1.40…

(EU) Analysts believe that if Greece left the Euro, global authorities would support markets by providing large amounts of liquidity. Bank of America believes that there could be a “powerful short squeeze” in risk assets. The firm also believes that in such a situation, the Euro would rise to $1.40 against the USD after falling to $1.20, believing that initial panic selling could drive the Euro down to $1.20, before rebounding.


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How to interpret this analysis?

I believe the overall trend for EUR is still bearish, especially considering the fact that it is still a big unknown when it comes to Greece.  However, I do agree that the above scenario is very likely, that after a sharp drop a even sharper rebound is to be followed.  We have seen this during the second bailout of Greece, where the EURUSD rebounded back way beyond the recent highs after the initial dip… therefore if we see EURUSD bottoming at the height of EU turmoil, it may be time to BUY EURUSD.

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