21.02.2014 - Euro has left the channel

The price of euro has broken through the support level at 1.3810 and the lower boundary of rising channel, and then it reached the mark 1.3750. Now we see a corrective movement towards 1,3800-1,3810 after which price decline may resume. In case of price falling below 1.3750, we recommend to open short positions. The target prices in this case will be the levels 1.3700 and 1.3650. Due to the reduction of quantitative easing and the possibility of earlier increase in interest rates, we keep a long-term negative outlook for the euro.

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