There was the Asian currency trading session today (25-05), look euro currency weakened against the U.S. Dollar. Pair EUR / USD is currently engaged in the range of 1.2290.
Currently, the Greek debt crisis seems to continue to show signs of contagion to other EU countries. The IMF said that banks in Spain continue to stay in Spain and Bank of pressure should be ready to intervene if the situation continues to deteriorate.
Spain reported its biggest government must cut spending since the last three decades in an effort to cut its budget deficit. Both technical, Euro remains bearish, while this seems low chance of re-test last week at the range of 1.2100.
The EUR / USD likely to weaken to a level of support in 1.2145 if passed 1.2265 level. The strengthening euro may occur if the past level of resistance at 1.2460 to the 1.2585 level.
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