Single European currency, five consecutive days, demonstrated a fairly strong growth coupled with yen, but now the activity of buyers has subsided somewhat, given that the proximity of good levels of resistance has forced the bulls to think about the fixing of profit. Currency strategists UBS, meanwhile, are reminded that an additional incentive to reduce the accumulated long position is the proximity of solutions at the rate of the ECB and, more importantly, allegations of non-standard measures, which is expected from the central bank. In addition, the investors, whose mood in recent times has been quite positive, perhaps, some prefer to reduce the exposure to risky assets in anticipation of the announcement of the results of stress tests of American banks, which at UBS believe that the upward potential of the euro / yen in the short term is limited. The bank believes that the current downward correction in the pair is very possible, and note that at present prefer to stick to short positions in the euro / yen.
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