Euro Falls 213 Pips in Less Than 24 Hours

How Low Can the Euro Go? Euro falls 213 pips in less than 24 hours as a result of the European debt crisis. European Central Bank (ECB) balance sheet is now at a record high of $3.55 trillion (2.73 billion euros) thanks to last week's three-year loans. When the ECB announced last week it would let banks borrow as much or as little as they liked, 523 banks jumped at the opportunity and borrowed a total of 489 billion euros. The purpose of the loans was to encourage lending, keep cash flowing into the countries and prevent a credit shortage. But instead of lending to others, the banks are giving it back to the ECB to help with their own balance sheets. Euro-area banks deposited a record high of 452 billion euros to the ECB. The Eurozone's single currency, the euro, is being greatly affected in the Forex market. The Euro fell to a 10-year low against the yen and a 10-month low against the dollar. In the chart above, you'll notice the Euro fell 213 pips in less than 24 hours!  As a currency investor knowing this information is important, but more important is knowing how the market will react to this information. It is no surprise to hear that the Eurozone is having a difficult time. What has shocked the market is the realization that the debt battle that the EU has been fighting for the last two years has now nearly doubled in the last 10 days. This has alarmed many traders and has been the major reason for the steep sell off in the Euro, Pound, and Cad in the last few days. News of the loans caused the Euro to gain slightly against the Dollar. Educated Forex traders had the ability to set up their trades accordingly by using the tools and resources found within MTI's Forex education. LAST DAY! 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