(Vibiznews - FX) - After move down - 0.10% at yesterday’s trading, Euro index today (21-02, 06:13 GMT) had rose + 36 pips, or about + 0.35% from opening price (00:00 GMT) . The index up + 45 pips from the lowest range today and observed at 104.16.

The euro advanced to the highest in the ten weeks following the decision of the EU finance ministers to provide funding assistance worth 130 billion euro bailout program . The decision was agreed after intense debate between the Greek government and the lenders.

Vibiz Consulting Analyst said although the decision has been made, but the problems of debt crisis in the European Union is still far from over. It is by considering the capability of Greek government to implement budget discipline plan, as an attempt to cut its debts to 120% of GDP by 2020.

If Greek government doesn't follow through on structural reforms and other measures, its debt could hit 160 % by 2020 instead, a confidential analysis conducted by the IMF, European Central Bank and European Commission shows. Recent data suggest that the ratio of public debt to GDP is approximately 142.80% .

As for trading today Euro index has the potential to strengthen further in a moderate degree, especially in the European session. However, approaching America session there is a potential for Euro to retreat as technical analysis shows nearly reaching overbought condition.


(Indra Yudistira/IYD/vbn)

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