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EUR/USD: Signs of stabilization until tomorrow

The common European currency is trying to stabilize near the level of 1,02 , after the significant losses suffered in the last few days andย  huge ''stop loss'' orders were executed below the level of 1.0350 .

Improving sentiment in International stock markets is also helping to stabilize the Euro as more demand for the dollar as a safe haven currency are on a temporary pause .

As we mentioned yesterday a continued decline directly to 1/1 level without first signs of reaction and stabilization will not be an easy task .

While tomorrow'sย  day with importantย  Economic data waiting to releaseย  is expected to prevent traders from taking new big positions .

The speech of the president of the European Central Bank Christine Lagarde and the announcement on the course of unemployment and new jobs in the United States are awaited with great interest by investors .

As we have already noted several times we await with particular interest President Lagarde comments regarding the euro current levels and especially ifย  approached the level of 1/1 more .

For these reasons we would be very difficult to see further significant declineย  for the euro before tomorrowย  , with signs of stabilization and correction to be the most possible scenario.ย 

Author

Vasilis Tsaprounis

Vasilis Tsaprounis

Independent Analyst

Vassilis Tsaprounis possesses over 25 years of professional experience in Capital Markets and especially in the foreign exchange market.

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