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The euro has been under an immense amount of downward pressure today as fears over the rescue plan for Greece once again comes to the forefront of trader’s minds.
It has been reported that as the Greek government learns of the stringent conditions imposed by an International Monetary Fund (IMF) bailout, they may want to bypass the IMF altogether. Excising the IMF from the equation would add a lot of pressure on the Euro based economies and the ECB to come up with some sort of plan that can be agreed upon and also work. This is a very tall order indeed. Without any clear options available, and with so much uncertainty at hand, it may prove very tough for investors to offer any type of support for the long side of the Euro. As of this writing the EUR/USD has broken below the March 30 low and is sitting only about 100 pips over the yearly low put in at the end of February.
