The EUR/USD is approaching the NY session lows on further concerns that Greece will require a bailout. PIMCO’s El-Erian commented had the following bearish comments on Greece that helped push the Euro back toward the lows:

• Greece problems are worsening and spreading.
• Greek sales (bond sales) spurred by technical factor of high spread.
• See’s no immediate solution for Greece.
• Greece now a credit risk play not an interest rate risk play.
• Long standing holders are selling Greek debt.
• Hard to see Greece selling dynamic reversing.

These bearish comments have continued to put the pressure on the Euro at a critical technical junction that could move the EUR/USD pair much lower.

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