Forex - EUR/USD hits daily low after Greek IMF warning

Forex Pros – The euro continued to slip against the U.S. dollar on Wednesday, hitting a fresh daily low after a Greek government spokesman was quoted as warning his country may seek IMF aid if EU states do not provide "clear support."

During U.S. morning trade, EUR/USD fell to 1.3726, the new daily low, after falling from a 5-week high at 1.3818. The pair subsequently hovered around 1.374, shedding 0.19%.

EUR/USD was 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.

The single European currency was also slightly down against the yen, with EUR/JPY dropping 0.06% to reach 124.22.

Earlier in the day, The Associated Press quoted George Petalotis, the Greek spokesman, as saying that said the March 25-26 EU summit on how to deal with a potential bailout for his debt-laden country will be crucial.

Also Wednesday, official data showed that U.S. producer prices fell sharply in February, halting a four-month increase, on the back of dropping prices of energy-linked goods.