EUR/USD fell 264 pips, down close to 2%, to end the day at 1.4176 as the Greece debt crisis continues to get worse.
The selloff in the EUR/USD started last night on news from Luxembourg Finance Minister Frieden that the Greek Aid may be delayed until July.
Thousands of people gathered on the streets of Athens to protest government cutbacks required to avoid a default on the government's debt. The Greek protests forced Government shake up. Greek Prime Minister George Papandreou said Wednesday he would shuffle his cabinet and demand a vote of confidence in Parliament.
Before we even went into substantial talks, the opposition brought up conditions that can't be accepted, Mr. Papandreou said in his address. I will continue on the same path. Tomorrow I will form a new government and seek a vote of confidence from parliament.
EUR/USD is down 1.2% on the week. The next support level is 1.4082 followed by 1.3841. There's two days left in the week and volatility does not look ready to recede anytime soon.
The 100 Daily Simple Moving Average (SMA) level is 1.4151 and interesting to note today's low was at 1.4156.
200 Daily SMA is at 1.3816.