In my analysis, the Euro could further weaken against the US dollar currency pair (EUR/USD). If you look at its 8-hour chart posted on the canvass, the forex pair tested the established resistance of the 1-month descending channel and bounced back down after the news that Fitch downgraded last Friday Italy’s sovereign credit rate from AA- to A+. By the way, the price also respected the SMA (14) as its resistance in the daily chart below. Anyway, with the MACD also suggesting a bearish crossover in the 8-hour chart, the current value could be a strategic short sell entry with a target price of 1.3000 which is both psychological and technical level of support. In any case this possible trade goes wrong, I’d cut above the descending channel’s resistance. If that’s too deep a 40-pip stop loss would personally do.
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