The Euro plunged versus the Dollar and most other majors after S&P cut the credit rating for Portugal and Greece and is trading below 1.32 for the first time since April 2009. Europe debt crisis spreads to Portugal and might spread to Ireland and Spain soon. Overall, EUR/USD traded with a low of 1.3144 and a high of 1.3395. EUR/USD broke below the support at 1.32 and the bearish trend is likely to continue. Today, German Prelim CPI is expected with 0.1% versus 0.5% prior.

EUR/USD - Last: 1.3180

Resistance

1.3205

1.3265

1.3330

Support

1.3145

1.3090

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