Entering text into the input field will update the search result below

Euro and the Greek Debt Crisis Trend

May 26, 2011 9:08 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Long/Short Equity, Special Situations, Growth, Growth At A Reasonable Price

Seeking Alpha Analyst Since 2007

Michael Michaud is the founder owner of Invest2Success.com (http://www.invest2success.com/). He has been investing and trading in the financial markets since 1989.

He founded Invest2Success.com to empower independent and institutional investors traders to take control of their financial destiny by providing them education training mentorship and support for them to research analyze invest and trade in the markets successfully in the long-term.

As he says, "With knowledge, dated goals, a plan of action, then taking action, profitable investing and trading success will only be a matter of time."
Euro Dollar

The Euro and the Greek Debt Crisis: Is THAT Really What's Driving the Trend?

“The euro…weakened against the dollar on Wednesday on uncertainty over Greece's debt crisis,” said a May 25 Reuters story.

The Greek debt crisis is an easy scapegoat for the euro’s recent troubles. But what about days like May 24, when the euro gained despite the Greek situation? Well, you could say it was due to an “improved overall risk appetite,” like a May 24 MarketWatch story did.

Yet here’s the problem: You may feel satisfied with these explanations, but they only tell you why the markets did what they did after the fact. They give you no real clue about where the euro will go: It may rise due to “improved risk appetite,” or it may fall due to “continued concerns over European debt crisis.”

This is where Elliott wave analysis can give you an edge. Rather than relying on “fundamental” explanations (“rationalizations” is a more accurate term), Elliott shows you market psychology, which manifests itself in Elliott wave patterns across forex charts.

Elliott wave analysis helped our intensive Currency Specialty Service (hurry, Forex FreeWeek ends May 26 -- Ed.) to make this bearish EUR/USD forecast on May 24 -- a day before the May 25 slide took the euro lower.

Update For: Wednesday

Posted On: Tue, 24 May 2011 20:47:43 GMT


Last Price: 1.4100

Support: 1.3969, 1.3863, 1.3655, 1.3428

Resistance: 1.4137, 1.4346, 1.4424, 1.4944


[Lower] The euro recovered Tuesday but the rise from 1.3969 looks corrective... leaving the euro vulnerable.

Find out what Elliott waves suggest for the EUR/USD and other major forex pairs now, free, by logging into EWI's ongoing Forex FreeWeek.

Hurry, FreeWeek ends May 26 >> Click Here

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.