the EUR /USD on Friday failed to gain a foothold at elevations below 1.4270, which was to some extent due primarily technical factors.

On the other hand, the nature of statistical information, published in the last trading day of the week, wore a quotation for the euro is very mixed and generally testified to the preservation of mid-term risk of formation of the negative dynamics of the course of a single currency.

It should also be noted quite a stable situation, now the dominant segment of the market indicators of investment risk and price volatility. The latter has appeared, the key character and, obviously, prevents the further strengthening of USD on FX, at least in terms of short-term.

According to media Friday, the euro area balance of payments in October of this year amounted to -3.9 billion euro versus the -2.3 billion euro, according to the median estimate. Previous value of this indicator has been revised with a relatively small increase, up to -4.7 billion euro - against 5 billion euro earlier.

Index of business climate in Germany, calculated CESifo Group, rose in December this year to the level of 94,7 Fri against the average analysts expected value equal to 94,6 Fri, index and the index in the previous month, revised from an increase to 93,9 Fri against 93,3 Fri earlier.

It is important, however, noted that the current dynamics of indicators that reflect the situation in the real economy, including the EU, the emerging evidence of "overheating" of financial markets (Figure 1).

Perhaps in the next few days, several technical factors will adjust the dynamics of this week"s "bearish" trend quotation EUR /USD. However, in terms of medium term, this trend still looks relevant.

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