Euro dollar opened at the start of the Asian session at 1.3290/93, the low end of Thursday’s range
Earlier Frank Schaeffler, a German lawmaker, came out on the wires saying that Greece should be prepared to leave the Euro if they are unable to push through its austerity measures to reduce its deficit. If they were to quit the Euro Greece would then get the opportunity to devalue its currency and improve their competitiveness in the short term. These comments sent Euro to its low point of the day at 1.3260.
Commenting on Schaeffler’s remarks John Lipsky, the number 2 official at the IMF, said it would not be possible for Greece to leave the Euro if it failed to narrow its deficit.
On the New York close Euro was hit by a plethora of different names pushing the currency from 1.3290 to the 1.3275 level perhaps with a further push later toward the 1.3260 low. There are a number of options linked to the 1.3250 level, the low back in late March. A brief rally ensued but we are now seeing renewed selling interest by early Tokyo names.
Euro is currently trading 1.3270/73.
Credited from FxSolution
PS: I do hope, Eur Jpy follow the fibonacci, and breakout of the lower trendline on my chart. If you short or sell Euro pair this morning, you should be in profit.