With all eyes on the unemployment report and Europe, the CME Group’s PR Department nearly created an all out panic with their announcement after the market close on Friday relating to futures maintenance margin. The original statement was vague and I was quite concerned until I checked out the CME Group’s web page and the PR Department sent an update clarifying their position.

I am not one to discuss fundamentals or macro views, but this situation in Europe is beginning to morph into a media frenzy. Price action in the marketplace is changing rapidly in short periods of time based on the latest press releases coming from the Eurozone summit.

The Euro is trading higher this morning as the Eurozone is rumored to have a new bailout fund to save Greece from default. The EUR/USD has so far hit the 1.3690 high, but many traders remain uncertain till the 1.4000 level is once again broken. Intraday bias remains on the downside, as long as the 1.3934 minor resistance line is not broken.

EUR/USD breaks the 1.4148 minor support line and drops to the 25 days low, as the Eurozone debt crisis spirals. Concerns over Greece not being able to meet its budget deficit to secure another round of loans from the EU members, is putting heavy downside pressure on the Euro.