Consumer prices still fail to grow to meet the ECB's target rate, Ukraine is still at risk of increasing political unrest due to the Crimea crisis. Economic sanctions imposed by European countries on Russia and blocked trade agreements between Russia and the Euro area will only make the situation worse and might cause the economy to stagnate further in the third quarter of the year. Mario Draghi has signalled a risk from what the Euro economy is currently facing. On the other hand, the Spanish and Portuguese economies GDP have picked up in the second quarter. Euro stocks climbed today after data showed that the Euro area economy stalled in the second quarter amid speculation that the ECB will further up stimulus. Such action will only depreciate the Euro further. The Euro is currently retracing and should continue to move downward with the overall down trend. If the Euro closed above the 100 DMA then it should find the next resistance at the 0.236 fib level. Notice that there is a candle stick above the blue arrow confirmed with a higher close, this indicates a short term retracement.