Published by Mark Smith-HalvorsenForeign exchange traders are well justified in selling euros in current conditions, one analyst has claimed.Foreign exchange market expert Kathy Lien reports that Fitch's decision to downgrade Portugal's sovereign debt rating to AA- with negative outlook, coupled with Germany's continued misgivings about wrapping up a Greek rescue package, inspires little faith in the eurozone.Therefore, it is should be of little surprise that forex dealers engaged in a "flight to quality" yesterday, pushing the single currency to fresh ten-month lows against the dollar."Downgrades of sovereign debt ratings are a very big deal but in an environment where investors are already weary of holding let alone buying euros, Fitch's decision [...] added salt to the wound," she reflected.The euro could be set for further ructions later today as European leaders meet to discuss the Greek debt crisis.A failure to agree on a bailout package could send the single currency lower, as Greece will likely turn to the International Monetary Fund for emergency support.For more information on international payments, visit our Smart FX site