The Euro dropped through a support level on German intransigence over Greece — now it is becoming clear that any bailout for Greece will be on harsh IMF terms, but other Eurozone governments will still be on the hook for Greece’s debt — and presumably, if it comes to it, that of Portugal, Italy and Spain. Markets are having a relief rally because governments have reached an agreement, but the story remains bad for the euro. I have taken the opportunity to go short, with a fairly wide stop (because currencies are fuzzy, EUR/USD especially so). Charts, from IG Index, show approx. stop and entry levels.

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