Forex: EUR/USD extends decline on Spain's Dexia
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EUR/USD
FXstreet.com (Barcelona) - According to ECB's Coene, the Spanish bank Dexia needs to be recapitalized urgently. The comment triggered a new down move in the EURUSD chart, to 1.2243 low for now.
Spain is increasingly under market pressure while the sovereign government evaluates the option of formally applying for EFSF support.
On the upside is news coming from Greece stating the January-July budget deficit was of ¬13.2B, lower than the targeted ¬14.8B. The primary deficit, ex-interest expenses, is of ¬3.1B.
"The recent slide below 1.2330 sets the focus at 1.2220 support area and current intraday outlook is bearish below 1.2330 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, favoring a reversal above 1.2220 to trigger a rise towards 1.2509.
Spain is increasingly under market pressure while the sovereign government evaluates the option of formally applying for EFSF support.
On the upside is news coming from Greece stating the January-July budget deficit was of ¬13.2B, lower than the targeted ¬14.8B. The primary deficit, ex-interest expenses, is of ¬3.1B.
"The recent slide below 1.2330 sets the focus at 1.2220 support area and current intraday outlook is bearish below 1.2330 resistance area", wrote Deltastock.com analyst Stoyan Mihaylov, favoring a reversal above 1.2220 to trigger a rise towards 1.2509.
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