EUR/USD Triple bottom – click image to enlarge Rating agency Fitch decided to downgrade Italy’s credit rating from A- to BB+ leaving the country’s negative outlook unchanged. They do not see a stable government in Italy in the near future. EUR/USD is reacting with another attempt to push through the 1.2960 that has been breached earlier, without any follow-through. The pair fell earlier on the excellent Non-Farm Payrolls report from the US. So far, Fitch had the highest rating for Italy. After the downgrade, Fitch matches S&P but Moody’s (which recently downgraded the UK), has Italy in a lower grade. It’s important to note that while Italy has a political mess, most of the reforms are now on auto-pilot. So, the lack of a stable government doesn’t mean a lack of reform. In addition, Italy had over 60 governments since WWII, and the country is still quite rich. EUR/USD EUR/USD is now trading at 1.2973, after another move below 1.2960. The low for the day was 1.2957. Assuming the pair closes above this line, we have a triple bottom. In the past two Fridays, EUR/USD twice fell below important levels: 1.3170 and 1.30, but eventually closed above these lines. The continuation was seen only afterwards. For more levels and analysis, see the EUR/USD forecast. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next No Monthly Outlook for March 2013 Yohay Elam 10 years [caption id="attachment_41635" align="alignright" width="350"] EUR/USD Triple bottom - click image to enlarge[/caption] Rating agency Fitch decided to downgrade Italy's credit rating from A- to BB+ leaving the country's negative outlook unchanged. They do not see a stable government in Italy in the near future. EUR/USD is reacting with another attempt to push through the 1.2960 that has been breached earlier, without any follow-through. The pair fell earlier on the excellent Non-Farm Payrolls report from the US. So far, Fitch had the highest rating for Italy. After the downgrade, Fitch matches S&P but Moody's (which recently downgraded the UK), has Italy… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
