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Currency Forex Analysis
by ForexNewsNow Team on July 6, 2011

EUR/USD forex technical analysis round-up: Jul. 6

The euro was falling against the greenback today again, trading at 1.4312 as of around 12:45 P.M., GMT.

The EU’s currency is down 0.78% on the day and has reached a session high of 1.4467 with a low of 1.4429 so far.

This is what the analysts had to say about the heavily traded currency pair in the near-term:

– Traders from Pictet & Cie – one of Switzerland’s largest private banks – noted that “Moody’s lowered Portugal’s credit rating from Baa1 to Ba2 creating a new source of anxiety for investors on the euro.” The rating agency emphasized “the increasing risk that Portugal may seek a second financing plan.”

– According to Aurel BGC – the French investment company-, Moody’s decision is a turning point and means that the agency believes that Portugal will seek a second financing plan in the near future

– “Even if the announcement did not surprise investors, it reaffirms the fragility of credit notes countries whose debts are very high and any reduction is seen as a disavowal, “commented Joshua Raymond, an analyst at City Index.


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