10.03.2014 - Euro continues to strengthen

The price of euro has grown and reached the upper limit of the local rising channel. The reason for the growth was the data on the U.S. labor market and the growth of industrial production in Germany. At the moment, the price moves along the upper boundary of the channel and will probably reach the level of 1.39, then we expect a downward correction within the channel. First goal in such case will be near a strong level 1.3810. Confirmation of the signal to open short positions will be price fixation below 1.3850. We maintain a long-term negative outlook for the euro.


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