The avalanche of downgrade by credit rate agencies have take another level today by the downgrade of six German bank and their subsidiaries following those of prominent Austrian bank.
We have to notice that the two countries have a triple A credit rate and German economy seems safe since the beginning of the euro crisis.
These news bring more more turmoil on the already trouble water of the Eurozone.
we can watch a good article about the downgrade on ZeroHedge.
And now to come to the field of forex, these downgrades bring a fundamental support to the resume of Euro downtrend that we observe today after a counter-trend rally on Friday and Monday.
I will wait for a clear candlestick bearish signal on the 2h or the 1h chart preferably in the 1.2470-90 zone to enter in a short trade. So I Sell Eur/Usd @1.2480 and place my stop @ 1.2520.
Good Trading!!!
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