Greece fear, technicals push euro to session low

NEW YORK Wed May 18, 2011 9:19am EDT

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NEW YORK May 18 (Reuters) - The euro erased its gains and fell to a session trough below $1.42 on Wednesday as technical resistance and concern about Greek debt sapped its strength.

The euro fell to $1.4195 EUR=, continuing a pullback that began after it hit technical resistance overnight just shy of $1.4290, its 55-day moving average against the dollar.

Worries that Greece may have to restructure its debt also prompted euro selling. One of Europe's top financial officials said on Tuesday that authorities may have to move toward a "soft" restructuring, but Greece's finance minister said Wednesday that no magic restructuring plan would pull the country out of crisis.

For more, see [ID:nLDE74G0PD] and [ID:nATH006083]. (Reporting by Steven C. Johnson; Editing by James Dalgleish)

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