FX forecast for Mar. 25 – Euro in free fall?

[EUR/USD:] After Fitch Ratings downgraded Portugal's credit rating to AA-, the European currency has been in a free fall, hitting this morning a new low of the year – of $1.3280 – only one day after the year's low was $1.3405, Financial Brains director PhD Sveatoslav Mihalache has told Info-Prim Neo. Officials from the European Central Bank attempted to formulate encouraging statements, but that doesn't make it easier to forecast what's going to happen with the euro in the immediate future. Currently the euro trades around $1.3310, and the nearest support level, which coincides with the year's low, is situated at $1.3280, followed by $1.3210, and then by $1.3090. The resistance levels stand at $1.3370 and $1.3440. [USD/MDL:] The domestic market continues to be in a balance, with the dollar being consolidated around 12.43 lei. The rates predicted for today are the following: 12.38 – 12.40 lei (bid) and 12.46 – 12.50 (ask). [EUR/MDL:] Obviously, the recent developments on the international markets will affect the rates displayed by currency facilities in Moldova as well. So the bid rates for the euro today are expected to revolve around 16.45 lei, while the ask rates around 16.65 lei. For further details visit www.fb.md or www.financialbrains.eu