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EURUSD has moved below the 1.2661-65 level on Italy rumored two notch downgrade

January 13, 2012 by stanh  
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The EURUSD has moved back below the 1.2661-65 level (lows for the week before today).  The two notch downgrade of Italy which would put the nation at BBB+, has been the catlyst for the dip below. The market low for the day has come in at the 1.2623 level. There is a trendline on the daily chart which comes in at the 1.2638 level.  In the quiet afternoon trading, stay below 1.2665 and there could be another run at the lows.

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