[/caption] 8 year trend line tested at 1.3102 with a further supporting TL at 1.2745 on the EURUSD monthly chart. 1.40 falls into a 50% retracement here but with all the EU countries asking for money there is no end in site. 1.21 by summer and Par by the year on the USD. All asset classes came under heavy selling pressure after the S&P rating agency downgraded both Greece and Portugal's sovereign debt yesterday. In the wake of the downgrade: Greek 2-year debt skyrocketed to 22.00%, 1 year credit-default swaps stand at 1290, the EURUSD fell through the 1.3200 level for the 1st time since April '09 as equity markets sold off globally. Overall, we remain bearish on the EURUSD. The EU/IMF rescue package may provide some temporary reprieve for the EURUSD, but there are still considerable financial obstacles before the Eurozone is in the clear. On the US side, we do not expect any significant shift in language nor policy from the FOMC today and maintain that asset sales are a distant prospect. | 08:30 | [...] Forex trading - live day trading course and currency trade room. 
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