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by ForexNewsNow Team on December 6, 2010

EUR/USD plummets ahead of meeting of Euro finance ministers

NEW YORK (Forex News Now) – The euro fell badly against the greenback on Monday, as investors awaited a meeting of euro zone finance ministers later in the day.

In early European currency market trading, EUR/USD hit 1.3381, down 0.58% from Friday’s close.

The finance ministers are due to meet in Brussels late Monday afternoon as fears spread that recent bailouts approved for Greece and Ireland would not be large enough to support larger than countries like Spain if they succumb to the debt crisis.

According to EUR/USD analysis, the euro was likely to touch support around the low of Nov. 26, 1.3200, and encounter resistance around Friday’s high of 1.3438.

The dollar’s gain Monday against the euro came also came as analysts predicted the euro’s worst annual performance since 2005 would extend well into next year as the sovereign debt crisis continued to damage economic growth.

Elsewhere, euro also slid against the pound: EUR/GBP traded at 0.8482, down 0.28% from Friday’s close.

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