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Is euro changing trend?

Monday, Aug 24 2015
Though there were no major data releases from Eurozone, euro tested 1.15 handle this morning, breaking of which would mark change in trend. However, economists believe that this is only of a short-term basis. A combination of slower global growth, lower energy and imported goods prices, and still poorly anchored inflation expectations may force the ECB to extend the QE program beyond September 2016. 
 
"In addition, ECB speakers including Vice President Constancio (Tuesday) and Executive Board Members Praet (Wednesday) and Coeure (Thursday) will be closely followed ahead of the 3 September ECB meeting and in the context of recent CNY devaluation, commodity price declines and general asset price volatility," economists from Barclays said.
 
Euro is currently being traded few points above 1.1480 level. Pair is likely to find support around 1.1430 area and resistance above 1.q5 handle. There will be no major data releases in the rest of the session.
 
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