Once again, the never-ending Greek debt story is in the limelight and it is adding downward pressure on the euro today.

This could be an extremely pivotal week for the European common currency as leaders prepare for Thursday’s European Summit. Heating up the situation were comments made by German Chancellor Angela Merkel on Deutschlandfunk radio where she stated, ‘Aid is not on the agenda Thursday.’ Without an EU leadership agreement on a bailout package, the next logical step would seem to be for Greece to pursue aid from the International Monetary Fund. This type of aid, however, may come with some very stringent guidelines. In any event, with all of the back-and-forth the only thing that seems certain is more uncertainty. Historically, economic uncertainty would lead to additional pressure on the euro. We have been there before, and previously when the euro has slid toward the zone between 1.3430 and 1.3460 (lows of 18 and 24 Feb and 1-2 March) it has found support. If no support - either technically or fundamentally - can be garnered for the euro soon, though, the slide could continue for an extended period.