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The pair EUR/USD is traded downward at the Forex currency market on Monday morning after positive opening.

By 8.30 Moscow time the Euro is at 1.3929 against closing session of 1.3902 on Friday.

The pair started trading session with an upward gap today amid principally new agreement between the leaders of the leading 17 countries of the Eurozone on overcoming of the global financial crisis.

Final package of measures will be adopted on 24 March, however it is already known now that agreements have been reached on the volume of overall loans (from the current 250 billion euro to 440 billion euro). In addition, mechanism for European financial stability has been developed which will be operational in 1013 and which has capacity of financial funds in the amount of 500 billion euro. 

Among important decisions which also have been adopted is approval of the idea of redemption of the shares of those countries which receive financial support by European Crisis Management Fund. 

The idea of the Euro stability package has been developed by Germany and France and now it is supported by all 17 countries of Eurozone. 

The news is positive for the Euroin a long term outlook.

Macro-economic calendar is almost empty today – publication of data on industrial production in Eurozone in January is expected this afternoon. Therefore, external background will be the main driver for determining directions. 

Most likely the pair EUR/USD will not go beyond the range of1.3870-1.4030 at the trading session on Monday.  

 

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