Another downgrade and emergency measure: Fitch downgrades Hungary to BBB- and still kept its rating outlook negative, which means that the country is about to enter junk territory. On other hand, Ireland effectively nationalized Allied Irish Banks PLC by injecting 3.7B Euros (4.9B US Dollars). So further concerns about the European economy which will hurt the European currency across the board. EURUSD slipped to 1.3054 (Session low) after the announcement and we are extending our target from 1.3040 towards 1.30 and 1.2970 which would be seen later today or later tomorrow.
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