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Forex - EUR/USD extends losses as Greek uncertainty weighs

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Forex Pros - The euro extended losses against the U.S. dollar on Monday, slipping to a fresh session low as uncertainty over how Greece's sovereign debt crisis should be resolved continued to cast a cloud over the single currency.

EUR/USD hit 1.4258 during European late afternoon trade, the daily low; the pair subsequently consolidated at 1.4269, shedding 0.34%.

The pair was likely to find short-term support at 1.4124, Friday's low and resistance at 1.4422, the high of May 11.

Over the weekend, German weekly magazine Der Spiegel fanned fears that Greece might not receive the next tranche of its European Union /International Monetary Fund bailout aid, saying Athens might have missed all fiscal targets set by its lenders.

Greece and the IMF denied the report and EU officials said they were working on a second bailout package that would avert a potential Greek default.

Later in the week, EU and IMF officials were expected to deliver a report on Greece's attempts to meet fiscal targets under its bailout plan.

The euro was also lower against the pound, with EUR/GBP dipping 0.05% to hit 0.8668.

Liquidity was relatively thin as U.K. markets remained closed for the Spring Bank Holiday, while U.S. markets were closed for Memorial Day.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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