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EUR Trading Outlook (23-05-2011)

The Euro (EUR) once again in the eye of the storm falling from above 1.4300 to low 1.4100 on the back of the Fitch downgrade and the fresh Spanish concerns. On Monday, S&amp P put Italy on negative watch and the major tested 1.4100. Overall the EUR/USD traded with a low of 1.4137 and a high of 1.4345 before closing the day around 1.4176 in the New York session. Looking ahead, May PMI Manufacturing forecast at 57.4 vs. 58 and Services forecast at 56.5 vs. 56.7 previously.

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