Euro Falls on No Immediate

Immediate Greek declined for the first day in four on concerns over Greek rescue plans and the European financial outlook. Some EU finance ministers said they did not see the need for any Greek aid plan at this time. ECB’s Ewald Nowotny said European governments have to start pushing down their budget deficits in 2011 or they “can end up in a debt spiral and consolidation will become costlier and more painful.” The EUR/USD tentatively broke its downtrend on Friday but reversed those gains today. A new test of the downtrend and resistance from the 50-day moving average in the 1.38-1.39 area is possible. If this is broken, the EUR/USD