[jacobfx]

The Euro weakened across the board and fell sharply hitting fresh lows in the market. The European currency is the worst performer so far during the American session.

EUR/USD broke below 1.4600 and tumbled to 1.4568, after a short-live recovery. The pair is retreating further after reaching on Tuesday a 1-month high at 1.4695 and currently is approaching the 1.4555 area (June 6, 7 lows). The Euro extended losses and trades at the moment at 1.4572/78, more than a hundred pips below today’s opening price and is having the worst day since May 20.

“EUR/USD is down on broad beta currency’s weakness” said Andrei Tratseuski form forex club. He pointed out that obstacles regarding a second Greek bailout are undermining the Euro, “Germany is strongly pulling for extending loans to Greece by additional 7-years, deeming the circumstances as ‘selective default.”

From a technical perspective, Mr. Tratseuski affirmed that the rally in the EUR/USD is seemingly overextended and could possibly retrace. “We continue to hold 1.4700 as resistance as its 76.4% Fibonacci retracement of this year’s high and May’s low. Support continues to hover at 1st Standard Deviation at 1.4550.”