Wednesday, March 24, 2010

More bad news for Euro

They say a pair that doesn't fall on bad news isn't bearish. This isn't true at all for Euro as it touched a new low of 1.3346 this morning. The press is reporting it's because of a downgrade on Portugal to AA from the Fitch rating service. Yes, right. Unreported is the fact that technical analysis has been showing this pair's weakness since this past October when it was still climbing.

I think we'll see a slight bounce in Euro now that 1.3350 has broken.

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