11.11.2014 - Movement of the euro will continue within the descending channel

The price of euro after reaching the upper limit of descending channel and level of 1.2500 has resumed a downward movement and in the near future will reach a local minimum near 1.2350. We forecast that quotations of euro will continue to fall to target levels at 1.2200 and 1.2000. It is worth noting that due to the holiday in the US, the volatility is low. We recommend holding short positions and to move the stop to above 1.2600. Our medium-term forecast also remains negative.

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