Euro Broadly Lower on Greece Drama, Look For Resolution in EU Summit This Week Euro was sold off sharply last week on the drama of Greece bailout. Just as markets thought there's already an agreement reached between Eurozone countries on the way to provide financial aid to Greece, Germany came out and said that it's illegal to support such a plan and called for IMF's involvement. Greek Prime Minister Papandreou then set a deadline for EU leaders to craft a financial-aid mechanism for his nation by their March 25-26 summit in Brussels. EC President Barroso then said that immediate action is needed to help Greece and further complicated the matter by suggesting a "system of co-ordinated bilateral loans" from European partners. From every angle, investors are clearly dissatisfied with the ongoing uncertainty on the Greece situation and dumped the common currency across the board. We'd talking about -238 pips fall in EUR/USD and -218 pips fall in EUR/JPY. More importantly, EUR/CAD dropped to a 27 month low of 1.3629 while EUR/AUD tumbled to record low of 1.4718. Euro even failed to gain against the weak pound. Full Report Here... |
EUR/CHF Weekly Outlook EUR/CHF's fall accelerated last week and reached as low as 1.4318, just inch above 1.4315 key support. Initial bias will remain on the downside this week and sustained trading below 1.4315 will target 1.4 psychological level next. On the upside, above 1.4406 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited below 1.4533 resistance and bring fall resumption. Read more... All Technical Outlook Reports | Weekly Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | EURCAD | 1.3760 | 1.4031 | -271 | -1.97% | | EURAUD | 1.4772 | 1.5043 | -271 | -1.83% | | EURJPY | 122.50 | 124.68 | -218 | -1.78% | | EURUSD | 1.3530 | 1.3768 | -238 | -1.76% | | GBPCAD | 1.5266 | 1.5492 | -226 | -1.48% | Currency Heat Map Weekly View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | |
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