The Euro (EUR) broke through 1.2200 but was able to find support at 1.2160 and we nearly closed the day out above 1.2200 in the US session. The relief was short-lived however as after the bell we saw Italy downgraded by 2 notches by Moody in a move that is likely to be copied by the other rating agencies. The EUR/USD will need some positive news to stop the down trend with most crosses also very weak and hampering any buying.
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