Vasilis Tsaprounis
Independent Analyst
The common European currency is trying to stabilize near the level of 1,02 , after the significant losses suffered in the last few days and 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's day with important Economic data waiting to release 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 if approached the level of 1/1 more .
For these reasons we would be very difficult to see further significant decline for the euro before tomorrow , with signs of stabilization and correction to be the most possible scenario.
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