"It certainly has a different flavor from what we've had happening," said Nomura chief G-10 currency strategist Jens Nordvig. "I think we're probably going to consolidate around 1.30 this week, but I wouldn't be surprised if we have a clean break after this."
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The euro could be headed for a long slide—and possibly take stocks and commodities down with it.
The single currency has lost ground rapidly since it became clear Europe has no grand plan to stop the sovereign debt crisis. It tumbled Tuesday to the 1.30 range, its lowest level in 11 months and a key technical zone.
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