EURUSD

Seems like a quiet before the storm

Hmm....this is not good for longs.


* Greece says it victim of speculative attack
* Says Spain, Portugal may follow
* ECB's Constancio says pessimistic on Portugal
* Spanish unemployment tops 4 million in January
* Greece says backs joint euro zone bond
By George Georgiopoulos and Harry Papachristou
ATHENS, Feb 2 (Reuters) - Greece warned on Tuesday its fiscal troubles were part of a wider euro zone problem, with Spain and Portugal next in line, and said a joint euro bond could be one way out of the crisis.
Greece's ballooning deficit and debt have reverberated across the euro group, hitting the euro currency and bond prices and prompting speculation of a bailout plan, which European Union officials have denied.
"Following Greece, there are other countries, like Spain and Portugal," Finance Minister George Papaconstantinou told an economic conference. "This is why the Greek issue, despite its particular Greek characteristics, is also a euro zone issue."
Greek Prime Minister George Papandreou, who won October elections pledging to tax the rich and help the poor, said his country was the victim of an unprecedented speculative attack, which has pushed the cost of Greek borrowing to euro era record highs.
"The country cannot remain at the mercy of its lenders and markets," Papandreou said at the conference, adding the large spread between Greek government bond and German bunds was "completely unjustified" and strangling the economy.
Greece has been pounded by markets after revealing its 2009 budget was 12.7 percent of GDP, more than four times the EU ceiling of 3 percent and three times initial estimates.
The premium investors demanded for holding Greek debt rather than German Bunds hit a euro lifetime high of around 405 basis points last Thursday.
Greece won some respite after EU Economic and Monetary Affairs Commissioner Joaquin Almunia said on Monday that its fiscal cutback plans were ambitious but achievable.
The EU will unveil it recommendations to Athens on its austerity plan on Wednesday. Papaconstantinou said he was confident it would give Greece's proposal the green light.
Athens has pledged spending cuts and tax hikes to claw its way out of the crisis but the socialist government has been slow to implement concrete measures, fearing a popular backlash.
Strikes are scheduled for later this month.
After the Greek comments on Tuesday, the spread between Greek and German 10-year bonds widened to 344 basis points, having tightened to 327 basis points earlier.
SPILLOVER FEARS
Greece's financial problems have sparked fears of a spill-over effect engulfing other vulnerable euro-zone countries, most notably Spain and Portugal.
European Central Bank Governing Council member Vitor Constancio said on Tuesday Portugal needed to make significant adjustments to its economy, which was in a "serious and difficult moment".
Portuguese government bonds have also been hit in recent weeks amid concerns over its deteriorating public finances in the wake of the Greek crisis.
Constancio, who is also governor of the Bank of Portugal, said he was relatively pessimistic about the country's short-term outlook but in the long-term believed public finances were sustainable.
"Portugal has once again a budget deficit which is high and there is an imperative need to reduce it," he said, adding the country would need difficult spending cuts and most likely a hike in indirect taxes to reduce the deficit.
Last week, ratings agencies demanded a clear plan of further Portuguese budget deficit cuts after this year's budget plan failed to diminish their concerns.
News from Spain was also worrying, with the number of unemployed workers increasing by 124,890 in a single month to top 4 million in January.
Unemployment, which the government expects to rise to 20 percent this year, is set to complicate government efforts to slash spending and cut the budget deficit to 3 percent of GDP in 2013 from 11.4 percent last year.
Greece's Papaconstantinou said Athens would back the creation of a joint euro zone bond as a possible solution to the debt crisis. Germany, France and the Netherlands have opposed the idea.

short term looks weak, second attempt possible with housing news...

That's how strange Markets are. And nobody talking about

Japan been buried under pile of DEBT close to 225% to GDP.

hi guys.
If anybody remember I posted eur usd big resistance level yesterday.
Market has gone upper,but 1.39572 still exist and very difficult to cross it.
We have above current price 3 Days Rolling Pivot,very important, there are swing traders stops above it. So they push eur down.
and the most important that 1.39572 sits on 400 days MA. Nobody looks at this MA, therefore it works. everyone can check history on diffrent pairs.
As I understand big guys came on Friday and eur is dead.
Will see what it will do tomorrow or the day after tomorrow. News on US market. Meantime other pairs provides good opportunities, not a lot, but we have some, such as usd cad.

I will post chart sooner

Depends on the Market. If Market is up then Dollar is dead.

http://i47.tinypic.com/2ykevxl.jpg

I ment eur usd, not american market in this context

by the way I speak russian, Kniaz Miloslavsky

Funny , hit my sl & up again .took long too.tp R1 .
fontu

The EUR is far from over in its retracement from the low of 3850. The nature of the retracement will be very rough, but unless either of the 2 upper trendlines are reached, there is no reversal happening. Traders will be surprised soon by a strong upthrust that will push the currency to the highs of 3900

1.396 is an area to watch out for...

Short if it reached 1.3980-85...all the way down to 1.3900 then i'll see

A head and shoulders is forming on M5. Also on M15.

Yeap, short it all the way to 1.60

Yeh why not....each time it'll go up i'll short it
I'm a big bear!

1.60 very long

After yesterday's run up on stocks, the fall of the market resumes!