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EUR/USD: Euro falls in price due to new financial concerns
The pair EUR/USD is traded downward at the Forex currency market on Monday morning, because no fundamental progress in the Greek issue has been made. By 9.10 MSK the Euro is at 1.3665 against closing level of 1.3795 on Friday.
Last weekend at meeting the heads of financial institutions of Eurozone discussed situation in Greece – they did not come to agreement on new measures for Athens, disappointing investors and once again suggesting probability of default in Greece.Solution to allocate tranche to the country has been postponed until October – if Greece demonstrates constructive economic achievements, the cash flow can be granted at the next meeting.
Therefore, unsteady position of Greece is still preserved, which forces traders to move away from long positions on the Euro. Most likely the pair EUR/USD will be in the channel of 1.3580-1.3690 at the trading session on Monday.
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