EURO (EUR),Daily Review, May 6th 2010

By IBTimes Staff Reporter | May 06 2010 6:13 AM

The Euro plunged to its weakest level against the Dollar in more than a year as protests in Greece turned deadly and Moody's Investors Service warned that Portugal's credit rating may be reduced. The EUR/USD has been trading downwards since last week and has broken its support levels each time, the momentum is clearly bearish. Overall, EUR/USD traded with a low of 1.2803 and with a high of 1.2996. Today, ECB will announce the interest rate decision which is expected to remain at 1.0%, German Factory Orders are expected to rise from 0.0% to 1.3%.

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EUR/USD - Last: 1.2845

Resistance

1.2905

1.2996

1.3212

Support

1.2788

1.27

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