FXstreet.com (London) - EUR/USD has traded heavily down previous session, hitting five month lows as fears over Greek default escalated. Greeces fiscal woes deepen as the unreliability of Greece data on the deficit has burdened the pair. Pair currently quoting at 1.4091, down 22 pips from the opening price.

Credit worries are snowballing, and were no doubt deepened as UK, one of the supposedly stronger Eurozone states, yesterday released CPI data indicating inflationary pressure is well up.

Pair now pause and seemed to consolidate in absence of major cues from the broader economy. The Chinese macro data ware the next key signs on the global recovery road for investors, and will likely determine market direction.

For primary resistance we take 1.4150, and for support should current trend extend further, we look at 1.4060 as an extremely important level.

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