Currency Markets Await Portugal Vote

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Currency Markets Await Portugal Vote

Currency Markets Await Portugal Vote

Price action for the EUR/USD is currently trading within a tight 17 pip range over the past hour. Key intra-day support remains at the 1.4100 level for the currency pair. If the budget does not get the necessary votes and Portugal's Prime Minister Jose Socrates resigns, further weakness could target the 1.4053 level. If we see a continuation in bearishness, dynamic support from the February 14th, 2011 trend line will reside at the 1.3950 region and the 38.2% retracement of the February 14th low to March 22nd high move. If the markets are surprised with positive news out of Portugal and the euro experiences a bullish rally, potential targets include a retest of the 1.4247 level with further upside at 1.4338.

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