Wednesday, May 23, 2012

The Euro's Descent Continues, Broke January Support, It's Getting Serious

EUR/USD broke through January support today on fears that Greece will exit the euro and banks and the Greek economy won't be able to handle the conversion to Drachmas. Or maybe the euro broke down against the dollar on speculation that the ECB will just print euros and lower rates to backstop the euro crisis. It looks like Greece has 46 hours to figure everything out. EUR/USD is now at 1.2557.

Euro exit scenario gives Greece 46 hours to manage process - ekathimerini
Euro zone to prepare for Greek exit scenario: sources - Reuters




charts courtesy of freestockcharts.com

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