FxWirePro: Sell EUR/USD targeting 1.09 area

Euro is likely to suffer further decline,

• Since topping around 1.157 area in early January, the euro has been under pressure against the dollar. The latest Bull Run faded around 1.142 area.
• We expect the euro to decline further as the dollar holds firm.
• We also expect the European Central Bank (ECB) to talk dovish and push down the euro, in order to boost Eurozone growth at this week’s policy meeting. The latest series of data has shown that Europe’s main growth engine, Germany, is finally showing signs of a slowdown. A weaker euro would be a boost for the export-driven German economy.

Trade idea:

• Sell EUR/USD at the current rate of 1.133 against the USD and at rallies with the stop loss around 1.16 area and with a target of 1.09 area. Expect bounce backs amid profit bookings as euro moves lower from  key areas; 1.129, 1.11, and 1.103