12.11.20150 - We expect a further decline of the euro

Price of euro is consolidating against the background of expectations of new stimulus after falling in previous weeks. In case of correction, quotations may grow to the top of the channel and strong resistance at 1.0900. In case of overcoming strong support at 1.0700, we will see a continuation of the negative dynamics with the targets at 1.0550, 1.0500 and 1.0450. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 1.0900.

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