24.12.2014 - Euro continues to decline after the publication of data in the US

The price of euro continues to move within the local descending channel. The reason for the sharp decline in the price yesterday was the data on US GDP growth by 5.0% in the 3rd quarter of this year. Given a day off in Germany and some other countries and long weekend in the near future, we are forecasting low activity of investors. According to our estimates, quotes will continue to decline in the near future with a target level of 1.2000. We recommend holding short positions and maintain a medium-term negative outlook for the euro in relation to the expectation of easing monetary policy in the euro area and its tightening in the United States.

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