The market have been driven by the current situation with Greece and will so continue. I believe we will at the start of the week see the market retrace upwards shortly as we will recieve data from Germany, the powerhouse of the EU. But overall we will see lower levels as I don't believe Greece will be able to pay back the debt that is due on june 30th, also rumours are that the IMF is no longer attending the technical meetings which would send strong indication that things are not looking well.
The question everybody is asking is; will Greece exit, and my belief is no the will not.
I don't think that the EU want to see Greece fall in to the hands of Russia and also if they would to exit I think will then see Spain & Portugal move towards also exiting, and this would be the last thing they want to happen.
Greece will prohabs need to go back to the drawing board and come up with a new proposal, and they will get the funds needed, and they together will the weaker countries will always be considered as the black sheeps, who drag down the currency value. We shouldn't forget that even though the IMF and ECB don't go out publicly and say it, but we know they love austerity, beacause it makes them money.
and we know that the borrower is the slave to the lender, and that
s how the love it.
For me, I will short the EUR, I will wait till it moves below 1:11130 and short, but beware of the support lines.