07.07.2014 - Euro continues to fall

The price of the euro continued its decline and has broken through the strong support level at 1.3590. In case of fixing below this mark, we recommend to open short positions with the target at 1.3530 and a stop above 1.3600. Reason for the decline today have become weak manufacturing data in Germany, which in May fell by 1.8% against the expected 0.3% growth. Increase in volatility is expected on Wednesday after the publication of minutes of the previous meeting of the Federal Open Market Committee of the US Fed. We maintain a medium-term negative outlook for the euro.

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