|Euro Currency Crashing|
|by Tom McGregor||Wed, Nov 14, 2012, 01:13 AM|
On Wednesday, the euro dropped near a two-month low, devastated by problems in Greece and weak German business confidence data, which points to an imminent collapse of the EU.
Reuters reports that, "the euro traded at 1.2702, having fallen on a weak German ZEW sentiment survey to $1.2661 on Tuesday, its lowest level in more than two months and its 90-day moving average."
The euro might have more technical support from the Ichimouku cloud bottom at $1.652, which is below the 90-day average.
"But," according to Reuters, "a break there would be considered a major bear signal that could lead to a test of the 50 percent retracement of its July-Spetember rally at $1.2608."
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