{"id":16064,"date":"2010-11-30T08:23:56","date_gmt":"2010-11-30T13:23:56","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=16064"},"modified":"2010-11-30T08:23:56","modified_gmt":"2010-11-30T13:23:56","slug":"euro-continues-to-tumble","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/11\/30\/euro-continues-to-tumble\/","title":{"rendered":"Euro Continues to Tumble"},"content":{"rendered":"<p><strong>By Russell Glaser<\/strong> &#8211; The EUR\/USD fell below a significant Fibonacci level as the euro continues to be sold amid European debt fears.<\/p>\n<p>In European trading hours the euro was  weaker on the back of the European debt crisis. Contagion fears are  rampant as economists and analysts attempt to identify the next European  nation that may require financial assistance.<\/p>\n<p>The release of an 85 billion euro bailout package for Ireland has not  helped to ease situation. A potential split in the government coalition  threatens to break up the ruling government and delay the passing of  the next year\u2019s budget which includes considerable belt tightening as  required by the joint EU\/IMF bailout package.<\/p>\n<p>Irish bonds have also sold off as new European legislation threatens  subordinate bank bond holders to take a haircut of 80% while senior bank  bond holders remain guaranteed by the Irish government.<\/p>\n<p>The EUR\/USD fell to a low of 1.2979 before recovering to the 1.3040  level. The daily low coincides with a downward sloping channel line off  the mid-November lows which should serve as a support. The drop also  took the pair below the <a href=\"http:\/\/www.forexyard.com\/blog\/en\/2010\/11\/29\/euro-gives-back-early-gains-50-fib-in-play\/\">50% Fibonacci retracement <\/a>level  for the June to November move at 1.3080. A close below this level will  move the next target lower to the 61.8% retracement level at 1.2800.<\/p>\n<p>The EUR\/CHF is also down sharply at 1.2973 following an opening day price of 1.3095.<\/p>\n<p>Dollar strength is less apparent today as traders appear to be  focused on euro selling. The GBP\/USD is slightly lower at 1.5520 from  1.5533. The USD\/CHF is down at 0.9975 from 1.0002.<\/p>\n<p>Euro weakness should continue into the New York trading session with  US consumer confidence set to be released at 15:00 GMT. European Central  Bank President Jean-Claude Trichet is due to testify at 15:30 GMT. His  comments may offer a bit of respite for the euro. Federal Reserve  Chairman Ben Bernanke is set to speak at <a href=\"http:\/\/www.forexyard.com\/blog\/en\/author\/russell\/\">The Ohio State University <\/a>Fisher College of Business in Columbus, Ohio at 20:00 GMT.<\/p>\n<p><em><strong>Forex <\/strong><strong>Market Analysis provided by <a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\">ForexYard.<\/a><\/strong><\/em><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and                                                                                                                                                                                  may         not       be                       suitable             for             all                                        investors.                        There             is     a                                                                        possibility                          that                                    you                     could                              sustain  a              loss                  of       all                of                  your                                                              investment         and                                                    therefore        you                                        should              not                              invest                                money            that              you                                           cannot                          afford   to                                    lose.          You                                       should              be                     aware             of                            all                  the                risks                                                   associated                    with                         Foreign                                     Exchange                                       trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Russell Glaser &#8211; The EUR\/USD fell below a significant Fibonacci level as the euro continues to be sold amid European debt fears. In European trading hours the euro was weaker on the back of the European debt crisis. Contagion fears are rampant as economists and analysts attempt to identify the next European nation that &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/11\/30\/euro-continues-to-tumble\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Euro Continues to Tumble&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-16064","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=16064"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/16064\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=16064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=16064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=16064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}