Forex trends: euro melts down versus majors

During early Monday deals, European single lost ground versus its main counterparts. Thus, euro declined to a 4-day low against pound after a report showed that the German retail sales unexpectedly dropped in June. Euro also flat lower against yen and pared its early Asian session gains against dollar and franc, slipping from a 2-month high against the dollar.

The 16-nation currency weakened against the British pound, sliding to a 4-day low of 0.8511, compared to 0.8532 hit New York Friday. On the downside, 0.8506 is seen as the next target point for eur/GBP rally. 

Early Monday in Asia, euro slipped to 134.66 against yen, compared to 134.93 late Friday in New York. 133.0 was seen as the next likely target for EUR/JPY. 

Against the US currency, euro slid from a 2-month high of 1.4310 to 1.4228, with 1.415 expected as the near term support. Late Friday in New York EUR/usd was quoted as much as 1.4259.

After euro rose to 1.5269 against the Swiss franc at 10:30 pm ET Sunday, it reversed its direction and dropped to 1.5239 with 1.5215 seen as the next target level. The pair closed last week’s deals at 1.5227.