There has been catostrophic events moving the market over the last week however the Eurozone debt crisis is still looming and cannot be ignored. The Euro was hit following Portugals downgrade by Moody’s rating agency, from A1 to A3 with a negative outlook and further pressure was put on the currency this morning as Prime Minister, Jose Socrates, comments implied Portugal will need a bailout. We saw EURUSD touch on the big figure 1.4000, also a resistance level, before dropping as the London session opened. The pair has since rebounded off the pivot point 1.3925, as reported by Trading Central.
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Zoe Fiddes, easy-forex London Office.