Important events today:

11.00 Moscow time. Germany: business environment indicator from IFO.

In the last week of September I expect the downtrend in this currency pair to continue for two reasons. First, the Eurozone disappoints investors with weak macroeconomic statistics – PMI indices for the services and industry sectors indicate an acceleration of recession in the economy, while the United States has not yet entered the recession. Secondly, the yield on 10-year U.S. government bonds is confidently fixed at 4.4% and we can expect the continuation of the uptrend, which will also provide good support for the dollar.

Recommendations: Sell 1.0670/1.0699 and take profit 1.0586.