26.01.2015 - Euro corrected after the elections in Greece

The price of euro corrected upwards after a strong decline last week. This fact is caused by the weakening of the US dollar, as well as the need for technical correction. Yesterday in Greece parliamentary elections took place at which won a left-radical party Syriza. It should be noted that this party stands for the rejection of austerity measures in Greece, but such a position of authorities may interfere Greek debt restructuring. We expect that the question of restructuring Greek debt in the near future will lead to higher volatility. In case of further correction, the price may rise to 1.15, but more likely is a continuation of the descending price movement. We recommend holding short positions and maintain the medium-term outlook for the euro.

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