FXstreet.com (San Francisco) - The Euro trade lower during Monday session against the Dollar after the pressures from Greece concerns and Spanish debt crisis. The EUR/USD has collapsed 175 pips from 1.2725 to reach intra-day low at 1.255 where the pair has found support at 200 hours moving average.
The initial rally that drove the Euro to reach the highest level since May 22 at 1.2745 on the back of Greek hopes was unable to hold levels and the pair was losing stream and fall quickly throughout the European session.
Rising debt prices in Spain and weak economic data across the Eurozone are pressing down the Euro. "There is still room on the downside for our Eurozone data surprise index weaker data there will strengthen the case for ECB easing," comments the Westpac Analysis Team. "Against this backdrop the prospects for a sustained EUR/USD rally seem vanishingly remote."
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The initial rally that drove the Euro to reach the highest level since May 22 at 1.2745 on the back of Greek hopes was unable to hold levels and the pair was losing stream and fall quickly throughout the European session.
Rising debt prices in Spain and weak economic data across the Eurozone are pressing down the Euro. "There is still room on the downside for our Eurozone data surprise index weaker data there will strengthen the case for ECB easing," comments the Westpac Analysis Team. "Against this backdrop the prospects for a sustained EUR/USD rally seem vanishingly remote."
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