The ECB is on its way of providing its third bailout to Portugal. The current Portuguese government have made their desires know and are looking for the aid on or before June 5th, 2011. The Portuguese government was dissolved as of March 23, 2010 after its parliament rejected the austerity plan.
EUR USD has been able to break above the 1.4000 level, but the momentum hasn’t been able to sustain. Intraday bias remains on the upside, as long as the 1.3703 minor support line is not broken. If the 1.4034 high is broken it will continue the bullish bias and target the 1.4280 major resistance line.
