In my opinion – no. If you want to know my point on view on this case, then you can read latest article from Paul Krugman. I live in Europe and you can feel that this is a problem with no good solution. It is a nice move from SYRIZA and Berlin has a big problem because of this small EU country…
OK, back to charts. On eur/usd chart you can spot an ABC pattern from end of June. This is a 4-hour chart:
You can see that I left Fibo levels and they worked after initial ABCD move. Move down stopped at 161.8% (D) extension and there was a retracement to the 50% Fibo level. Now we are back again down around 161.8% extension. Possible targets? 200% Fibo extension and monthly pivot S1 line (they are near each other) looks like a good support if move down will continue.
This is European Union. There is an emergency summit called by Tusk (president of EU) on Tuesday. I can bet my money this is not the last meeting. There will be a lot of talks, summits. All because that there is no law which give possibility to kick Greece out of eurozone. That is why I think that we will see a rollercoaster on eur/usd again, because in next few weeks there may be a new idea every day which will move this pair.
Or maybe Greece will go back to drahma, which in a long can be the best solution…
