The euro is trading higher as investors gain confidence that EU leaders are getting closer to reaching an agreement on settling Europe’s debt crisis. German Chancellor Angela Merkel changed her tone as she said Thursday’s special summit of EU leaders will agree on a new Greek bailout package, Merkel will meet with French President Nicolas Sarkozy later today, before leaving from the emergency meeting in Brussels on Thursday. There is growing optimism for Thursday’s summit to form a concrete Greek bailout plan.
The price action remains bullish as the market continues to test the prior pivot high of the newly formed reaction swing. A trade above the pivot high ( 1.4256) will finally confirm the reaction swing and portends a price advance into the July 28th reversal date. For current updates on the swing trading signals and others signals go to www.tradersnetwork.com.