22.05.2014 - Traders are waiting for the signal to buy the Euro

The price of euro reached the upper limit of the descending channel, but could not break through it and continued to decline. At the moment the price is consolidating near the support at 1.3660. To continue the downward movement within the channel, the price needs to fix below this level. For renewed growth, the price should break the upper limit of the channel and gain a foothold above the levels 1.3730 and 1.3750. We keep medium and long term negative outlook for the euro and expect a further fall within the channel.

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