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Forex Trade Alert for EUR/USD

The euro plunged through support at $1.34 after the Fitch downgrade of Portugal’s sovereign debt rating. The European Monetary Union faces significant instability in the months ahead. Assisting Greece (2.6% of EMU GDP) or Portugal (1.8%) may buy some time, but does not solve the debt issues facing the far larger economies of Italy (17% of EMU GDP) and Spain (11.7%). The current decline of the euro will test $1.30, but the longer term target is the 2009 low of $1.25.

Euro Tremors Weaken Gold

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Forex Trade Alert for EUR/USD

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