04.12.2014 - The price of Euro is consolidating before the speech of Draghi

Quotations of euro fell before the speech of the ECB President Mario Draghi and reached the lower boundary of descending channel and the level of 1.2300. At the moment, the quotes are consolidated around this mark and in the near future, we may see a rebound of price to the level of 1.2360, which used to serve as a strong support level. Increase in volatility is expected today and tomorrow. We expect a continuation of the current negative trend and recommend holding short positions on the euro objectives of 1.2200 and 1.2000 and the stop above 1.2500.

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