Greece set aside for IMF help plan euro fall to 10-month low

The euro was once again "fooled" and plunged, falling below the 1.3450 key support position, to 1.3354, the lowest level in the past 10 months, as the country poured cold water and Greece shelved its plan to help the IMF. This Tuesday, German Chancellor Angela Merkel said Germany agreed only to provide Greece with the last resort, the EU summit this week will not make a decision on Greek aid. Last night, Greek government officials said the alternative plan for recourse to the International Monetary Fund had been shelved.　　　　This poses a pressure on the euro. This week's summit of the EU summit will be held today and tomorrow.　　The European Union's disagreement over Greece may prompt the EU to urge Greece to seek help from the IMF, rather than try to draw up a bailout package within the EU, which will disappoint investors again.　　For now, there is little sign that the EU leaders ' meeting, scheduled for this week, will work out a solution to the Greek crisis. Under the leadership of disappointment, the market is aggressively shorting the euro to buy the dollar safe. Analysts say the IMF will not be too aggressive even if it does.　　The EU's negative stance underlines the lack of solidarity among European countries, which is a bad sign for the euro. Yesterday, the EUR/USD fell below 1.3400, hitting a minimum of 1.3354. In the euro, the relative strength of the Australian dollar, Canadian dollar, sterling, yen and other currencies, also plummeted.　　　　The dollar rose sharply, with the dollar index up to 81.61 per cent yesterday, the highest since May last year. Operation recommended operation should be "more look less move" ICBC Guangdong branch of the foreign exchange analyst Daiwei said the IMF, even if the intervention, the amount of aid will not be too large, the EU within the Greek bailout issue is too inefficient, will continue to drag the euro. Short-sellers of the euro still dominate the market and are more likely to fall further after falling below the 1.3450 per cent support. If the euro continues to fall, the pound, the Australian dollar and the Canadian dollar will not be excluded.　　This week, however, the euro's clearance position was lower than last week, and the fall may be waning. Operation, at present should take a wait-and-see mainly, can short the euro in the 1.34~1.3450 interval, the target position looks 1.32, the stop-loss position is set at 1.3560. (Fangliping)