To keep the EUR-USD above 1.3800 and the market turned back to risk aversion in the European trading session. European Commission President laid out plans to "solve" the European Debt Crisis. Although several methods to deal with the debt burdens were laid out - financial analyst criticized the plan as being too vague and lacking detail.
Slovakia has still not gave the thumbs up on the expansion of the EFSF but said a final decision would likely happen on Friday. Without the vote the expansion plan to save the banks will fail.
I heard traders in chat rooms talk about the debt crisis being unsolvable in the long-term and some say the Euro banks involved are insolvent. Needless to say the Euro hasn't completely collapsed but is a dangerous game of cat and mouse (The "cat" is unable to secure a definitive victory over the "mouse", who despite not being able to defeat the cat, is able to avoid capture).
EUR-USD Trade Outlook: Position mildly bearish. Trade strategy: Short with stop loss at 1.3832 Target 1.3572. If stop loss triggered think will go to at least 1.4000.
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