EURUSD: under pressure after M.Draghi's statement

February 16, 2016

Sell on a level breakthrough of 1.1127 with 1.1060 target. Stop loss = 1.1177.

Reason for the trading strategy

M.Draghi's statement, made yesterday, about a likely revision of the parameters of the asset purchases program in the euro zone in March puts pressure on the euro. According M.Draghi, the ECB has no plans of buying bonds of the troubled Italian banks under the quantitative easing program, but will accept them as security under repurchase agreements. The pumping of the euro zone banking sector with liquidity may lead to a drop in the euro to $1.05 in the current year.

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