Euro At 12 Year Lows

Euro At 12 Year Lows

Euro At 12 Year Lows

Euro has now hit 12 year lows breaking through the 1.1400 level after ECB announced its QE program. After hemming and hawing the market finally decided that the program was not going to be enough to revive the EZ economy plus its convoluted structure has given market little confidence that it can succeed. However the lower euro may be doing the work of ECB for it as the decline in euro and decline in oil prices should have a positive impact on EZ businesses. Tonight’s EZ PMIs will give us the first hint of whether the demand is picking up.

Having broken all the key levels the long term target on the euro now looks to be the 1.1000 level. However for now the pair could find support at 1.1300 and rebound to 1.1500

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