19.01.2015 - Euro is corrected within channel

The price of euro after reaching the level of 1.15 and the bottom of the channel started to correct up against fixing positions. Growth of the euro within the correction is also associated with statements of the representative of the ECB Kéré on groundless speculations about the possibility of a Greek exit from the Eurozone. In the near future the price growth may continue to the top of the channel and the level of 0.1700, then we expect a continuation of the downward movement of the price with the objectives at 1.1500, 1.1200 and 1.1000. We expect launching a full-scale program of quantitative easing in the euro area after the ECB meeting on January 22 and recommend holding short positions on the euro in the medium term.

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