Euro appreciation is 'just a correction'

The euro rose against the Moldovan leu by 10.38 bani on the previous day to stand at 15.75 lei on Wednesday, and according to PhD Sveatoslav Mihalache, the director of the consultancy firm Financial Brains, this appreciation is just a correction to the downward trend, with the correction nearing an end. Mihalache says that the situation is determined among other by the expectations of the forex actors in light of the recent developments. “In particular these include the prospects of a settlement between the Greek government and the Troika: the International Monetary Fund, the European Central Bank and the European Commission. The Troika proposed a set of austere conditions to the Greek parliament and now we have to see how the negotiations develop and whether the Greek legislature approves any changes”. He suggests that those who want to take a chance should sell euros when they hit the $1.3280 and $1.3330 marks, these being the current resistance levels, fixing the profit at a level below $1.31. “We at Financial Brains believe that this month the EUR/USD pair will trade at $1.2930 the lowest and $1.3330 the highest”, added Mihalache. For February 8, the National Bank of Moldova set the price of 1 euro at 15.7540 lei and of 1 dollar at 12.0104 lei, up 2 bani on the previous day.