03.06.2014 - We are waiting for a strong movement in the price of euro

The price of euro continues to consolidate between the upper edge of the descending channel and local level support at 1.3590. The oscillation amplitude decreases, which indicates a strong movement in the future. The reason for the sharp movement may be the data on unemployment and consumer price inflation in the euro area (09:00 GMT). The signals to buy will be the price fixing above 1,3650. We recommend opening short positions after the price fixing below 1.3590. Considering the expected easing of monetary policy of the ECB to deal with low inflation, we expect a further decline with targets at 1.3500 and 1.3400.

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