Forex Pros – The euro fell to a 3-week low against the U.S. dollar on Monday, as European leaders remained divided on whether their nations should provide debt-laden Greece with financial aid.
Shortly before the European trading session, EUR/USD broke below the 1.35 mark to hit 1.3498, the pair's lowest rate since March 2. It subsequently consolidated around 1.3515, shedding 0.12%.
EUR/USD is likely to find support at 1.3434, the low of March 2 and a 9-month low, and resistance at 1.4026, the high of Feb. 3.
On Thursday and Friday, the European Union's 27 heads of government are due to meet in Brussels for a summit. During the talks, Greek Prime Minister George Papandreou has said he will push for a clear-cut statement on how the EU would help his country if it were to request financial assistance.
Meanwhile, the European Central Bank president, Jean-Claude Trichet, was set to testify before the Economic and Monetary Affairs Committee of the European Parliament in Brussels on Monday.
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