EUR Trading Outlook (07-07-2011)
The Euro (EUR) was under pressure as Europe reacted to the Portugal downgrade the night before in the US session. The major plummeted to 1.4300 but support was found and consolidated ahead of todays expected rate rise from the ECB. Overall the EUR/USD traded with a low of 1.4285 and a high of 1.4468 before closing the day around 1.4325 in the New York session. Looking ahead, ECB Rate forecast to rise 0.25% to 1.5% vs. 1.25% previously. Focus on Trichet&rsquo s Press Conference 45mins after announcement.
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