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Vector Securities

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Greece has exhausted everyone

Greece has exhausted everyone
Once again, Thursday’s trades were inactive. The market tried to react to fresh news from negotiations on Greece, rocking euro from one side to the other, but there was no specific enthusiasm. Negotiations came to nothing again. It seems that the decision will be found only on the last day of the month. This issue has already exhausted everyone, so no one cares what the result will be, only certainty is needed. Today economic background is practically empty, there are no significant events. Negotiations on Greece will continue at the weekend, their outcome is again unclear. From our point of view, in this situation dollar has some advantage – recent economic reports give hope for economic recovery in the 2nd quarter.
Trade tactics:
We continue to keep short position in EURUSD pair from 1.1200, stop is at 1.1290. The pair aims at lower boundary of the range at 1.1050, and there are no grounds to talk about the end of this movement now. 
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