Forex: EUR/USD slide extends, drops 60 pips

By IBTimes Staff Reporter | January 19 2010 10:02 PM

FXstreet.com (London) - EUR/USD has traded heavily down this session, as fears over Greek default escalate, forcing the pair below four month lows. Greeces fiscal woes deepen as the unreliability of Greece data on the deficit has burdened the pair. Pair currently quoting at 1.4212, down 60 pips from the opening price.

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

Pair yet pause and continue to drift to downside, as repeated revision of deficit numbers from Greece are really generating panic. The series of major company reports will be the next key signs on the global recovery road for investors.

For primary resistance we take 1.4280 (open), and for support should downside extend further, we look at 1.4200 as an extremely important level.

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