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Forex: EUR/USD - Spain, Italy next on Moody’s radar

By FXstreet.com,  July 12, 2011, 10:41:00 PM EDT

FXstreet.com (California) - EUR/USD is still vulnerable to the downside as more Moody's-inspired fears plague the Euro-zone.

"Rumours making the rounds that the major rating agencies are close to downgrade a 'core' eurozone country - which will trigger fears of more contagion effects and spikes in yields and borrowing costs. Focus on Spain and Italy yields and ratings, given current concerns," comments the FXMarketAlerts Team.

Technically speaking, "The short term pattern continues to favor the downside but there is probably support in the mid 13700s - this area is defined by the 2010-2011 trendline, pivot low from March, and 52 week average," explains Jamie Saettele, CMT, Sr. Technical Strategist at DailyFX. "Short term resistance extends to 14100."

At present, EUR/USD is ranging between 1.4036/1.3950, last quoted in the 1.3995 zone. To the downside, Valeria Bednarik, Chief Analyst at FXstreet.com expects to see buying interest at 1.3935, 1.3890 and 1.3840. To the upside, she finds that resistance levels lie at 1.4020 and 1.4050.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

Referenced Stocks:



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