Day Trading Forex Live – Learn To Trade Pro Forex Strategies


Greece Already Out Of EU? Not So Fast June 10, 2015

Merkel Changing Tune On Greece? Maybe

I have to admit I couldnt have been more wrong when last week I said that the Greek turmoil should quiet down until the end of the month considering the three week reprieve on bundling the payments they owe the IMF this month. Actually the situation has gotten worse as can be noted by a seemingly change of heart from Germanys Merkel. As it stands right now the potential for Greece to pivot over to Russia has Merkel more concerned even if her finance minister is still holding the hard line.

A split between German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble is widening over Greece as the funding standoff goes down to the wire, said people familiar with the matter. Merkel is ready to make concessions to keep Greece in the euro because of geopolitical concerns, while Schaeuble is willing to let the country exit the euro unless its government takes measures to ensure the country’s long-term survival in the monetary union, said the people, who asked not be identified speaking about internal party discussions.
However others in the German government may have enough backing to trump Merkel if she does decide to take that route.
Many lawmakers in Merkel’s 311-strong caucus made up of the Christian Democratic Union and Bavarian Christian Social Union are finding it difficult to support the chancellor’s position and would side with Schaeuble if forced to choose, the people said.
In yesterdays Keiser Report I found it interesting when Ross Ashcroft (the guy who made The Four Horsemen documentary) had said that Greece was already out of the European Union. It does make sense when he says “a debt that cant be paid, wont be paid” but in reality Greece should have never been let in the EU and only made the cut thanks to the funny book keeping done by Goldman Sachs. Having said that I guess it will depend on just how much they fear the Russians in the end. Enjoy the video below.

EUR/USD Runs False Conviction

Even though the EUR/USD looks more likely to run a second intraday push to the downside considering the false conviction and 120+ push down the safer way to trade this pair today will be treating it as having no direction looking to the high yesterday at 1.1338 for the short or waiting for the test to 1.1221 to consider a long entry. The 1.1305 daily level is valid but does carry more risk.

EURUSD 6-10-2015

GBP/USD Runs Second Push

Although the GBP/USD second push looks a little shaky with little conviction above Mondays highs I will be looking to see the third today. The best level for the long is at 1.5363 but if it does show any conviction below there then the hourly 200 has a better chance for a turn. The other option is a continuation entry after it pushes above 1.5387 and tests back to it after showing conviction above the Asian highs.

GBPUSD 6-10-2015

EUR/JPY Runs Down In Chop

The EUR/JPY move yesterday mirrored the EU really close and I expect that to continue. The early conviction above the NY level at 140.38 does increase the probability of a test to yesterdays highs but it will need help from the EU if its going to make it. Otherwise the safer levels to trade are at the extremes looking to short from 140.94 or seeing a run down to 139.37 for a potential long.

EURJPY 6-10-2015


Forex News Today

The calendar is a little busier today starting with German Industrial and Manufacturing production. Expectations are for a drop close to zero so a disappointment will need to be negative in order to see and sustained Euro weakness while my thoughts are it would need a bigger surprise positive in order to get much strength. Having said that the Euro seems to be moving on tape bombs and bond moves right now so any data push may be limited.

The UK has NIESR GDP data late in the London session but baring a big miss they will probably wait for the BOE Carney speech later in the day.

Happy Trading



If you have questions about joining Day Trading Forex Live and becoming an active member please feel free to contact Robin Haywood. He is a current member and has volunteered to answer any questions to give you an idea of what the service involves and support we provide. You can email him at to set up a time for a conversation over the phone if you like or call his US phone line at 702-560-8552 or Skype at RobinHaywood

Do You Enjoy The Daily Forex Commentary? Please Click The Like Buttons, Tweet It, and Google + It Below


Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

fx trading course singup

fx trading course

*30% Off The Advanced Bank Trading Course* - Ends October 31st 2016SHOW ME NOW!