As rumors of preparations for a Greek Euro exit resume, even if attributed to an old Spiegel [3]piece we wrote about back in 2011, and the USD seems like the cleanest dog in a dirty fight (this week at least), EURUSD drops below 1.27 for the first time since September of 2010. This is a 76.4% (Fib) retracement of the 2005-to-2008 rally and has few solid support levels below here at 1.2590, then the figure 1.25 quickly follows, and on to the 1.2330 10/28/08 swing low and finally the 6/7/10 swing low at 1.1877. All of this is not helped when the former IMF Chief Economist doesn't expect the eurozone to survive entirely, via Bloomberg:
*EX-IMF CHIEF ECONOMIST RAGHURAM RAJAN SAYS EUROZONE MAY NOT SURVIVE ENTIRELY:CNBC
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Chart: Bloomberg