Video: Beware Greece Whether Trading EURUSD, Equities or Yen Crosses
• Another effort to push forward the Greece-Eurozone austerity negotiations fell apart this past session
• Friday, a special Eurogroup meeting will mark another critical mark-or-break meeting to avert crisis
• The Euro will feel the direct impact - positive or negative - but the fallout can reach much further
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Another key milestone in the saga of the Greece-Eurozone austerity conflict comes due Friday. After a week of many headlines and charged comments, we are heading for another special Eurogroup meeting for officials to negotiate the extension of Greece's bailout program. Clearly, the Euro crosses are in the direct blast radius of the event risk - whether a favorable or unfavorable outcome. EURUSD and EURJPY in particularly are well positioned with terminal technical patterns and a greater sensitivity to the event risk. However, the influence that this event has on the markets can easily spread further out with influences on equities, Yen crosses (general risk trends) and even the US Dollar. The potential is tangible, but traders should watch with an abundance of caution as a dragging out of the situation could be a troubling 'status quo' outcome or news that comes after the weekend liquidity drain can find market participants in a dangerous position. We look at some of the many good-looking technical setups with an eye for the heightened risk in today's Trading Video.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.