EU Banks Will Back Greece – EURO Rallies

Speculators beware as the EU banks are promising to back Greece through the debt crisis that has jeopardized all 16 nations in the common currency.

Here’s what French President Nicolas Sarkozy said over the weekend:

Of course, the future of Greece is in question, but it’s also that of Europe being played out.Europeans have created a common currency — all the countries that share this currency must show solidarity.

Clearly we are going to see some short-term strength in the EUR/USD. Here’s the daily chart to watch.