Euro Declines Against Most Majors

The euro fell sharply against its U.S., U.K and Japanese counterparts ahead of European trading on Wednesday amid political impasse in Greece.

Greece heads fresh general election after the second round of talks between political parties to form a coalition government failed to reach agreement on Tuesday.

The euro slipped to a new 3-1/2-year low of 0.7952 against the pound, compared to Tuesday's close of 0.7962. The next downside target level for the euro is seen at 0.77.

Against the greenback and the yen, the euro hit a fresh 4-month low of 1.2684 and a new 3-month low of 101.93 with 1.265 and 101.00 seen as the next downside target levels, respectively.