In the past few days I have pointed to a surplus of dollar liquidity in the global financial system, inasmuch as dollar interest rates on the interbank market in London have renewed their historical minimum. On Friday, April 23rd, the ECB confirmed this hypothesis by issuing a statement, which indicated that in view of the steady improvement in the terms of financing in dollars, it was decided to discontinue the provision of liquidity in US currency with a maturity of 84 days.

Against this background, it is advisable to use the decline in euro quotes to the nearest support levels to open Buy positions.

Investment idea: Buy 1.2080/1.2041 and take profit 1.2149.