EUR/USD: A new motive for sales of EUR has been found

The pair EUR/USD continues to descend at the Forex currency market on Monday morning, this time the catalyst has come from outside.

By 9.00 MSK the Euro is at 1.4168 against closing level of 1.4205 on Friday.

Sales of the pair were caused by continuing tension in the market concerning prospects for the Eurozone; in regards to Greece, for example. In addition, the party of German Chancellor, Angela Merkel CDU has lost elections in Mecklenburg-West Pomerania. Due to all these facts, investors are skeptical that consensus about the help to the peripheral countries will be reached fast, as position of Germany in some ways is fundamental. 

This afternoon, traders will be interested in the data on the retail sales in Eurozone. ECB meeting will be held on Thursday; surprises are not expected; however the tone of speech of Mr. Trichet, the head of the ECB will be of importance for investors.

Most likely the pair EUR/USD will not go beyond the range of 1.4100-1.4220 at the trading session on Monday