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‘FadeBook’ and EUR Plummet in Mass Exodus, Grexit Fears
The Euro got pummeled across the board, which was actually holding serve until former Greek P.M. ‘L-Pap’ (his Greek rap name) commented that the Greeks had no choice but to stick with a painful austerity program or face a painful exit. He also let slip many European states were already making contingency plans for any eventuality (read Greek exit).
Needless to say, the EURO got hammered losing over 125pips on an open to close basis yielding the 1.28 and 1.27 figures in the process. Stop loss orders were likely tripped as there was heavy volume coming in after the European close, suggesting covering of the bounces over the last two days.…... Keep reading