EUR/USD is trying to rally itself to the 1.4280 resistance, the Euro has gained some momentum as the Euro Zone summit approaches. Intraday bias remains on the downside, as long as the 1.4280 minor resistance line is not broken. On the upside, if the 1.4280 minor resistance line is broken it will reverse the bearish sentiment to bullish bias and target the 1.4576 major resistance line.

EUR/USD is down to the 1.4300 level, as Moody slashes Portugal’s credit rating to junk. Intraday bias remains on the downside, as long as the 1.4100 minor support line is not broken. On the downside, if the 1.4100 minor support line is broken, we may witness a strong bearish market that would drive the currency pair to the 1.3968/1.3750 major support lines.

GBP/USD went on an upside run to the 1.6140 high this morning, but now is back to the 1.6000 level. Intraday bias remains on the downside, as long as the 1.6440 minor resistance line is not broken. On the upside, if the 1.6440 minor resistance line is broken it will change the bearish bias to bullish sentiment and target the 1.6545 major resistance line.

EUR/USD climbed to the 1.4520 high, as demand for the Euro increases. Intraday bias will change to the upside, if the currency pair is able to maintain its price action above the 1.4495 minor resistance line. On the upside, the currency pair has broken the 1.4495 minor resistance line which indicates that we have a slight bullish bias at the moment.