Euro plunges on the threats of delay in Greek deal

By TraderVox.com

The problems for Euro are far from getting addressed. The meeting of Euro zone officials turned out to be nightmare for the bloc currency. Euro zone leaders are mulling over the complete or partial delay of the bailout package to the Greece till the elections in April. The pair is printing fresh low of 1.3062. It is a one week low. The support on the downside may be seen at 1.3020 and 1.2980. The resistance may be seen at 1.3110 and above at 1.3190. The slide in Euro has also seen in other Euro crosses. EUR/JPY has fallen below 103 levels.

The sterling pound also felt the heat of possible delay of Greek deal. It again went below 1.5700 levels and printed a fresh low of 1.5670. It is currently trading around 1.5685, virtually flat for the day. The support may be seen at 1.5660 and 1.5600. The resistance may be seen at 1.5700 and above at 1.5730.

Yen gained against the US dollar during the US session to form a low of 78.19. It has come off the lows and is trading around 78.32, down about 0.10%. The support may be seen at 78.20 and below at 78. The resistance may be seen at 78.40 and above at 78.70.

Following the correlation, US dollar gained against the Swiss frank following the Greek delay. It has come above the 0.9200 and printed a high of 0.9239. The pair is trading near the high around 0.9225, up about 0.30%. The resistance may be seen at 0.9250 and 0.9300. The support may be seen at 0.9200 and below at 0.9150.

Australian dollar has retracted the gain of the day and is currently trading around 1.0728, up about 0.35% for the day. The support may be seen 1.0700. The resistance may be seen at 1.0750.

The dollar index has rocketed above 79.50 and is currently trading around 79.66 near the high of 79.72. The euphoria of the Chinese help to Europe was clearly overshadowed by the possible delay in Greek deal. A bridge loan has to be facilitated to Greece to avoid the default in March.

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