Euro/dollar had a terrible week, as it reached fresh 2 year lows losing nearly 400 pips. After the optimism from the EU Summit was totally erased, the euro-zone finance ministers will try to make some progress on Greece and Spain, but the hurdles continue mounting. There are quite a few other events scheduled. Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.
The ECB not only cut the benchmark lending rate to a new historic low, but also eliminated the deposit rate and admitted that the situation is worse than expected. In the debt crisis front, things aren’t looking rosy in the week after the summit: Finland and the Netherlands oppose bond buying by the ESM, Greece is even worse off than expected and the solution for Spanish banks is not close at all. On this background, the euro will find it hard to recover.
Read the rest of the article [B][I][URL="http://www.forexcrunch.com/eurusd-outlook-july-9-13/"]EUR/USD Outlook July 9-13[/URL][/I][/B]
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