EUR/USD is accelerating its slide after hitting stop-loss sell orders below the 1.3000 level. prices have slumped all the way to the 1.2955 level in very quick fashion. Risk aversion is running rampant with global growth locked in the deep freeze. 1.2900 is the measured-move objective from the double top at the 1.3335 level.
Soros is being blamed for the fall, apparently telling an Austrian newspaper that the Euro may not survive the the crisis. For once, I agree with Mr. Soros.
Here is a snippet of Bloomberg’s account:
Billionaire investor George Soros said
the euro may not survive unless the European Union pushes for a
global plan to deal with toxic debt, Austria’s Der Standard
newspaper reported, citing an interview.
There’s a need for a global “agreement on how to share the
burden of lost capital, and every country should be involved
otherwise even more countries will suffer,” Soros was quoted as
saying. “If the EU doesn’t do it, the euro may not survive the
crisis,” he said, according to the newspaper.