Crazy Day of Greece
Crazy Day. Yesterday was really really crazy. Currency surge unexpectedly immediately after the news of the debt crisis in Greece. I suffer some losses yesterday on EUR/USD Trade. This is the use of stop loss in our software platform. It’s very important to limit our losses. There is a quote said “Keep your limit small, and let’s the profit grow”. Yesterday, EUR/USD move 140 pips in just 25 minutes. Really sensational movement. Usually EUR/USD need 1 day to move 140 pips. That’s why i say it’s crazy
Because of this, i think there is some change on sentiment. The euro is still down about 5 percent for the year, but rose for a second day against the dollar as the outlook improved for Greece. Let’s see the pattern on H1 Chart on EUR/USD
It’s possible if the currency can hold the uptrend, the uptrend channel will be like above.
Strong spike in EUR/USD also followed by Stock Index. The Dow Jones industrial average (DJIA) jumped back above 10,000 on reports that plans are being developed in the European Union to rescue Greece. That raised hopes that policymakers will take bigger steps to contain debt troubles in other weak European economies. The Dow rose 150 points (almost 2% up). Greece took steps Tuesday to calm markets, pledging to slash spending and raise fuel taxes.
Beside greece news, Stock Market also got a boost from Morgan Stanley’s upgrade to shares of Caterpillar Inc (CAT). It was Morgan’s first upbeat take on the stock in three years.
World stock markets have been tumbling in recent weeks on concerns that debt problems would spread.