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by ForexNewsNow Team on November 23, 2010

EUR/USD slides as reality of Irish debt crisis hits

euro eur usd forex trading analysisNEW YORK (Forex News Now) – The euro dropped against the dollar on Tuesday, as the bailout announced for Ireland the previous day failed to allay fears of a euro zone crisis.

In early currency market trading, EUR/USD hit 1.3564, down 0.46% on the day.

The euro rose on Monday morning following news of the European Union and International Monetary Fund bailout to tackle Ireland’s banking crisis, but those gains were reversed later the same day when it became clear that Ireland’s coalition government would struggle to meet conditions for the bailout.

According to EUR/USD analysis, the euro was likely to touch support around the low of Nov. 16, 1.3483, and encounter resistance around the high of Nov. 19, 1.3731.

The euro’s drop also came as FX traders awaited the release of the final third quarter reading of Germany’s GDP Tuesday morning.

Elsewhere, the euro also continued its slide versus the sterling: EUR/GBP traded at 0.852, down 0.19%, according to intraday analysis.

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