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Euro slides as Greek problems persist
EUR/USD has failed to recover from yesterday’s losses after the IMF team walked out on talks with Greece over its finances. Uncertainty still hangs over the euro as we are near the middle of June, and there is not deal in sight so Greece must make a number of repayments all in one go at the end the month. EUR/USD isn’t overly sensitive to the Greek situation, although it is the major news story that drives the currency pair, so any news announcement regarding Greece will push the market 1% in either direction.
EUR/USD has been in an upward trend since March but it failed to make another attempt on $1.14. The lack of progress over Greece could mean it is heading back to $1.12, and a move through that mark will make the support at $1.10 the target. A move higher will encounter resistance at $1.14, and beyond that the May high of $1.1467 will become the target.