Reports are coming out of the Eurogroup meeting saying that a draft handed to Greece was rejected by the country and that talks were temporarily suspended. Greece says that the text that was given to it was a reversal of the agreement reached between Greek PM Alexis Tsipras and Jeroen Dijsselbloem, the head of the Eurogroup. This may be a temporary crisis as negotiations continue into the night, and we still believe a compromise will eventually be reached.. In the past, the Eurogroup reached conclusions also in the early hours of the morning. Is there a buy opportunity here?
EUR/USD is trading at lower range, at 1.1335 at the time of writing. The old line of 1.1373 served as a very nice separator of ranges. The pair traded above 1.14 during the day and is now on lower ground.
According to the rejected draft, Greece would request a 6 month technical extension of the current program and would commit to “appropriate primary fiscal surpluses and any new measures should be fundedâ€. This was rejected by Greece as “absurd†and unacceptable. The new government promised its voters to start a new path for the country.
More:Â EUR/USD: Trading The German ZEW Economic Sentiment
