01.09.2014 - Decline of the euro is continuing

The price of euro continues to decline on the background of strong economic data in the United States that supports the American dollar. Besides statistics from the Eurozone remains weak and deterioration of the situation in the east of Ukraine and expectation of new sanctions against Russia continues to put pressure on the European currency quotes. From a technical point of view, the price broke through the local minimum of 1.3160 and continued to decline, which gives reason to expect a continuation of the downward movement. Growth is limited by the level of 1.3200. We keep medium-term outlook with the closest target near 1.2800 and recommend holding short positions.

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