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Why EURUSD Traded Higher Despite Greece?

Why EURUSD Traded Higher Despite Greece?

4 Years ago | June 29, 2015 00:00:00

The week started out with the EUR gapping lower and selling off following the surprise Greek referendum announcement after markets closed last week. This saw the EURUSD fall to a low at 1.0955 in early Far East trading on Monday but then rebound sharply to a high at 1.1278 in the US afternoon session. This is a huge daily range (2.9%) in a leveraged forex market that squeezed shorts as each successive high was taken out. It also raised the question, why did the EURUSD turn bid despite the Greek news that should have been bearish.

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