recommends selling Euro

Cyprus refuses the EU help but the exit by the crisis is still unknown. The effect of the expecting deposit tax is too negative for the Euro in short and long-term. The trust in the bank system is at very low level. The banks in countries like Spain, Portugal, Greece, Ireland and others are not attractive for investments. That means that the economy in these countries may slow down. The Euro tendency started immediately after the weekend decision. In spite that the taxes over the deposit may be avoided the Euro started downtrend that probably would not stop easy. expects EURUSD to down at 1.2620 in a period of couple of days.

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