Global macro overview for 13/07/2015:
After overnight negotiations between Greece and its creditors President of the European Council Donald Tusk said the eurozone's leaders reach unanimous agreement on Greece bailout talks. The eurozone's leaders agreed for yet another 86 billion bailout loans and the Prime Minister Tsipras has three days to persuade the Greek Parliament to accept and implement new austerity measures. Moreover, European Commission chief Jean-Claude Juncker said that after this fresh new deal "there will be no Grexit".
The EUR/USD market reaction was not optimistic, as after the initial rally towards the level of 1.1195 (buy the rumor), the euro continues its retreat lower (sell the news) and it is trading currently 120 pips lower at the level of 1.1072.
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