Tuesday, February 16, 2010

Euro Posts Biggest Gain in Seven Months

The Euro soared on Tuesday as news that Greece is ahead of its deficit-reduction targets boosted investor confidence. Traders celebrated the news that Greece may not require any
bailout from the European Union by driving the EUR USD higher while posting its biggest gain in seven months.

Short-covering was most likely the driving force behind Tuesday’s rally which means a retracement is likely at some time this week. If this market is truly ready …