The ECB and the Fed are competing among themselves, which of them will print more money. If earlier the leaders were the Americans, who have printed $149 billion over the past 2 weeks, now the Europeans have taken the lead, who have printed €176 billion over the same period of time. Against this background, we should expect a decline in euro quotes in the first half of the day, inasmuch as excess liquidity in the European financial system will have a negative influence on the euro rate.

Further, the course of trading will be determined by statistics from the United States on employment in the private sector from the ADP agency. The data release is much better than the consensus forecast (850 thousand or more) and will strengthen the downtrend in this currency pair, otherwise a technical upward correction can be expected.

Trading recommendation: Sell 1.1919/1.1940 and take profit 1.1884.