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“Some resolution is necessary and the longer Greece kind of wavers in this grey area the more toxic for the euro,” said Jessica Hoversen, a New York-based analyst at futures broker MF Global Holdings Ltd. “Euro weakness will be broad based.”
The euro may fall below $1.40 for the first time in three weeks, according to Citigroup Inc., citing technical indicators.
The failure of the euro to break above $1.4711, the 76.4 percent Fibonacci retracement level from the May 4 high of $1.4940, has seen the euro weaken 3.3 percent against the dollar. Today’s break below the 55-day moving average of $1.4409 may see the euro weaken to $1.3970, said Tom Fitzpatrick, chief technical analyst at Citigroup in New York.
“The inability to break the 76.4 percent retracement level signaled a danger to push lower,” Fitzpatrick said in an interview. “The euro is trading heavily, so our sense is we can go and retest the $1.3968 level and if that breaks there is a danger we see that move accelerate.”