31.07.2015 - Moderate wage growth in the US has led to an increase of euro

The price of euro after a failed attempt of breaking through the level of 1.0900, and rebounded upwards on the background of weak data on wage growth in the US has grown to an important resistance level at 1.1080 and approached to the upper boundary of the descending channel. A breaking of these levels will lead to continued growth to 1.1200. At the moment, there is the possibility of renewed downward movement of prices in the downstream channel. Our medium-term outlook remains negative and we recommend to open short positions with a stop above 1.1200 and the objectives at 1.0700 and 1.0550.

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