Euro continued to ease for a second session, with the US dollar adding gains against most of its major counterparts.
Last week we could see series of negative data for the US economy, confirming disappointment about the first quarter and dragging the currency down gainst its peers. This week we can see some correction and as no relevant news are about to be published, we can expect the trend to continue.
From the European side, we can see positive remarks about the quantitative easing, except for couple of traditional enemies to it, as Bundebank's Jens Weidmann, pointing to permanently neglected risks of such measures. More negative aspect is the Greek issue, still not solved and paid attention globally due to the future of eurozone. As the nationalist party Syriza expects that it is able to take advantage even of the critical possibility of Grexit, more activity to solve the problem comes from the euro area.
Generally we do not see any strong mover (may occur unexpected) this week, so we remain bearish with a very short spikes possible.
From the technical point of view, taking into account previous supports and resistances, we may set first take profit at $1.0582, second remains at $1.0491. In case of bullish spike we may expect the pair to reach $1.0738, or further $1.0774.
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