EUR/USD: Euro continues to decline under the pressure of external negative factors

The pair EUR/USD is traded downward at the Forex currency market, continuing to move in the descending channel.
By 11.30 Moscow time the Euro is at 1.3136 against closing session level of 1.3149 yesterday.

The main catalyst for the Euro’s decline today became the news that Swiss National Bank refuses to accept Irish government bonds as collateral for repo transactions – it was the first time in the market when the regulator refused to approve a loan for the EU member state. Markets did not react to this information very actively at the beginning, however when American players came to the trading floors, selling of the Euro has accelerated.   
If the SNB position will be supported by the large banks in the future, most likely the European currency will not avoid a breakdown at 1.31 and falling below. It all means that investors do not have credibility to the EUR yet. 

Some statistics on Eurozone will be released today; information on number of unemployment benefits requests in the USA for a week will also attract investors tonight.

Most likely the pair EUR/USD will not go beyond the range of 1.3080-1.3250 at the trading session on Thursday.

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