06.08.2014 - Decline of the euro continues

The price of euro after a long consolidation began to drop again due to the strengthening of the dollar against the background of non-manufacturing PMI to 58.7, compared with an expected 56.6, as well as of factory orders growth by 1.1% in June, versus the expected increase by 0.6 %. At the moment, the price of euro has broken through the level of local minimum at 1.3370, after overcoming of which is likely to reach 1.3300. We recommend holding short positions with a stop above 1.3440 and objectives of 1.3200 and 1.2800.

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