06.05.2015 - The price of euro returned to the local maximum

The price of euro continued to rise, and returned to the resistance level at 1.1280. In case of breaking of this level, quotes will continue to rise to 1.1500. On the other hand, at the moment there is a possibility of price correction. The breaking of the level 1.1000 will complete the formation of reversal pattern "double top" and will be a signal to sell with the objectives at 1.0800 and 1.0550 and stop above 1.1280. We maintain a medium-term negative outlook on the euro and recommend to wait for the signal to open short positions.

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