EUR/USD Daily Video, February 02, 2012

Sive Morten

Special Consultant to the FPA
Good morning,
Due to previous day uward price action, overall picture on daily time frame looks a bit different:

The technical portion of Sive's analysis owes a great deal to Joe DiNapoli's methods, and uses a number of Joe's proprietary indicators. Please note that Sive's analysis is his own view of the market and is not endorsed by Joe DiNapoli or any related companies.
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Dear Sive and all. As I have already mentioned in my previous note for the Greek situation, the phase of euphoria is on. Nevertheless it looks like a strange -buy on news, sell on rummor- situation! This agreement has to be voted by parliament, while the imposed measures by the troika to release the package includes further measures such as reducing the minimum wage in the private sector and also a close to 30% cut in wages. This on top of already heavy taxation mainly on the pentioneers and employees as these are the only sectors that they can collect...! Watch for two events to follow: UP= the voting of the so called second memorandum agreement by the Greek parliament and DOWN= The downgrading of Greece to "default" status about 2-3 weeks after...(as strange as it might seem)
Please keep in mind the above is my personal estimate for what it is worth. In any case it would jibe with Sive's weekly analysis
Peace to all.