Standard & Poor's has recently lowered Portugal’s long-term credit rating by 2 levels, from “A-“ down to “BBB”.
Fitch Ratings has also downgraded Portugal's long-term foreign and local currency Issuer Default Ratings (IDR) to 'A+' from 'AA-' and Short-term foreign currency rating to 'F1' from 'F2'.
In both cases the forecast is negative.
That was a natural outcome after the Portuguese government introduced to the Parliament a package of measures to reduce the budget deficit, which wasn’t approved, thus making the Prime Minister resign.
Growing political uncertainty in the country and the lack of a distinct financial-aid program approved by the EU and the IMF cannot but affect the common Euro currency rate. That is what they think at the Sub-department of Anticipatory Forecasting under the Department of studying Masterforex-V trading system .
Today’s FOREX trading sessions are expected to prompt the direction and nature of the future mid-term movement of EURUSD.
Breaking above the reversal point (RP) of level H1 located at 1.4220, once supported by the senior timeframes, and getting over the 1.4220 high will set the targets at the levels of 1.4367 and 1.4412.
On the contrary, any continuation of the downward correction of M15, with touching the Sloping Axis, will indicate the beginning of a correction of the senior timeframe.
To define the vector of the forthcoming movement we apply the elements of the Anticipatory Forecasting System and other binary patterns by MF.
