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Next target for euro 1.2050 level

Thursday, Jan 01 2015
Euro finished the year around 1.21 handle. It is only matter of time when euro will hot 1.2050 handle which was our long-term target for some time now, and from where, uptrend which is now completely broken started. What remains question is whether will euro continue going further lower, since ECB could implant new monetary measures to boost economic growth while Fed is likely to raise its interest rates soon, what would strengthen USD even more.
 
Another raising question at the moment is what will happen with Greece. Greece will have to face with the snap parliamentary elections as only 168 lawmakers in the 300-seat chamber backed  Prime Minister Antonio Samaras’s nominee for president, Stavros Dimas, short of the 180 votes required. Under the constitution, the legislature will now be dissolved and a date for elections set within the next 10 days.
 
Threat for euro lies in the fact that elections could bring the leftwing Syriza party led by Alexis Tsipras to power and derail an international bailout. Syriza party is ahead of Samaras’s New Democracy movement in opinion polls. It is a New Year Day and there is no volatility at the markets. Euro is being traded around 1.21 handle. Rest of the day will be steadier as well with no data releases.
 
 
 
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