EURUSD: under pressure after Coeuré's speech

May 20, 2015

Buy on rebound from 1.1067 level with 1.1131 target. Stop loss = 1.1017.

Reason for the trading strategy

Yesterday's statement made by Coeuré about the fact, that the ECB may buy twice the amount of EU bonds than usual in May and June, triggered a decline in the euro and non-dollar assets in relation to the world's reserve currency. The publication of the April statistics on the US construction sector has caused additional demand for the US dollar. Today, attention should be paid to the publication of the minutes of the previous US Federal Reserve meeting.

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