The euro declines

The single currency is losing ground against the US dollar, amid the strengthening of the US currency across the entire spectrum of the market, as well as in connection with the comments of ECB President, Mario Draghi. In his speech Draghi noted that the eurozone economy demonstrates a sustainable recovery, but the region still needs sufficient monetary stimulus. It was also noted that inflation does not show signs of independent growth, despite the growth of the region’s economy.

Technical analysis: The pair EUR/USD maintains an uptrend in the short term. One should consider the main support area in the region of 1,1710-1,1700. In the event that the pair continues the downward movement and consolidates below the level 1,1700, one should expect the price of the instrument to fall to the level of 1.1640.

Fig. The EUR/USD graph, current price – 1.1743.

Alexander Sivtsov