24.11.2014 - Euro corrected after a sharp decline
The price of euro fell sharply on Friday, following a statement by ECB President Mario Draghi on intention to strengthen measures against low inflation in the near future. As a result of the strong downward momentum, the price reached the level of 1.2360, but bounced off it and now is corrected upwards. Rising the price within the correction in the near future is limited by the level of 1.2450. Now there are no preconditions to change the negative trend to positive. We expect further price decline in the medium term with the objectives near 1.2200 and 1.2000 and recommend holding short positions with a stop above 1.2600.