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Seven months of negotiations finally came to an end in Brussels overnight where European Finance ministers approved a 130 billion-euro bailout package for Greece. The deal included a 53.5 percent write down for private bondholders as well as tapping into ECB profits to help provide relief. Despite the stalemate finally ending European Stocks fell from a six month high overnight as speculation mounted that the bailout will not be sufficient to solve the nation’s debt crisis. With Greece facing a fresh election in April, public unrest and administrative incapability’s will only further add to the argument that the current solution remains a mere band-aid which may fall off at any time. Despite the bears which have surfaced, the short-term viability of Greece has been assured. On the currency front the 17-Nation Euro initially rallied following the announcement trading to an overnight high of 1.3292 against its US Counterpart, unable to sustain those gains however, opening this morning a very similar level to where we left it yesterday at a rate of 1.3246. Meanwhile US Markets returned from a public holiday yesterday with the Greenback benefiting overnight from a minor flight to safety which saw the Dollar appreciate against the Japanese Yen for fourth straight day opening stronger at a rate of 79.682

Now, on to our open positions and new trades. Lets take a look at the specifics:

…more on February 21, 2012 Forex Signals