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Forex Analysis
by ForexNewsNow Team on November 25, 2010

Euro remains near 2-month lows as debt crisis continues

euro eur usd forex trading analysisNEW YORK (Forex News Now) – The euro stablized near two-month lows on Thursday, as the Irish debt crisis threatened to move on into other euro zone countries.

In early European currency market trading, EUR/USD remained at 1.3335, the same price at which it opened the day.

Analysts are increasingly worried that Portugal and Spain could also soon be in need of bailout packages similar to the one that Ireland is set to receive from the European Union and International Monetary Fund to tackle its debts.

According to EUR/USD analysis, the euro was likely to touch support around the low of September 24, 1.3286 and to encounter immediate resistance around yesterday’s high of 1.3421.

Currency market trading was quieter than usual on Thursday due to the U.S. Thanksgiving holiday.

Elsewhere, the euro also remained stable against the yen: EUR/JPY traded at 111.41, up 0.01 percent, according to intraday analysis.

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