[/caption] Forex managed fund levels Eurusd support and congestion zone in the Blue box. Watching for the retrace to the 1.3375 area then a continuation. Long term targets: 1.3220, 1.2885 EURUSD took a significant step lower today as Fitch's downgrade of Portugal and concerns about the possible impact of IMF involvement in Europe overshadowed an unexpected uptick in Eurozone data. After trading extremely heavily in the Asian session, EURUSD clattered down through its critical 1.3425 support and went on to skim 1.3332 lows during the afternoon session. The collapse in EURUSD came in spite of better than expected improvement across all components of the latest Eurozone PMI surveys; the Manufacturing reading posted an impressive 56.3 (54.0 expected, 54.2 prior), Services came in at 53.7 (52.0 expected, 51.8 prior), meaning the Composite reading surged to 55.5 (53.8 expected, 53.7 prior). Germany's IFO survey also smashed expectations with Business Climate jumping to 94.4 from 89.8 last month (consensus had been for a more modest 91.0), and the Expectations reading also impressed at 101.9 (100.9 expected, 100.9 prior). Nevertheless, these small tokens of improvement did little to pacify market sentiment once Fitch announced it was downgrading Portugal to AA- from AA, and outlook negative. A raft of contrasting ECB and EU official rhetoric about the likely fate of Greece and possible IMF in [...] Forex trading - live day trading course and currency trade room.
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