Video: Bet on a Risk or Pre-Greece Euro Move at Your Own Risk
• The week ends with the Eurozone Summit discussion on Greece, and the market seems unperturbed
• It is unlikely the situation collapses into crisis, but 'positive' outcomes are uneven and the risk high
• Meanwhile, the S&P 500 tried to gun for a record high but sentiment remains uneven
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The Euro bounced this past session and EURUSD stands temptingly on resistance with the Eurozone's Summit on the docket. If negotiations between Greece and its creditors find genuine breakthrough, the battered currency could stand to forge a meaningful recovery move. That said, 'good' outcomes for this event are varying opportunities of buying more time on a much larger effort. Furthermore, the fallout from a distinctly 'bad' conclusion can translate into severe volatility. This is too convoluted and risky a situation to trade into the weekend. Benchmarks for risk trends were offering similar temptation for traders. The S&P 500 made a move to a record high but couldn't close at the highs. Reviving momentum would be far more difficult. Caution is warranted heading into the final hours of the week, but there are still opportunities out there. We discuss what setups are better for after the weekend and those that are less encumbered 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.