12 Jan 2015
EUR/USD sell on upticks – KBC
FXStreet (Barcelona) - Analysts at KBC Bank maintain their negative outlook for euro intact and suggest keeping a ‘sell-on upticks’ approach as the EUR/USD pair trades below the 2010 low at 1.1877.
Key Quotes
“We keep our euro negative bias, even as the single currency has already recorded substantial losses of late and is moving in oversold territory. The 1.1877 level (2010 low) is broken. The 1.1640 level (Nov 2005 low) is the next high profile reference on the charts.”
“A sell-on upticks approach remains preferred. A technical rebound/short squeeze is always possible, but we expect that a protracted rebound in EUR/USD will be difficult as long as uncertainty on Greece and the details of QE reigns. The 1.2252 correction top is our short-term line in the sand. A return above this level would question the short-term EUR/USD downtrend.”
Key Quotes
“We keep our euro negative bias, even as the single currency has already recorded substantial losses of late and is moving in oversold territory. The 1.1877 level (2010 low) is broken. The 1.1640 level (Nov 2005 low) is the next high profile reference on the charts.”
“A sell-on upticks approach remains preferred. A technical rebound/short squeeze is always possible, but we expect that a protracted rebound in EUR/USD will be difficult as long as uncertainty on Greece and the details of QE reigns. The 1.2252 correction top is our short-term line in the sand. A return above this level would question the short-term EUR/USD downtrend.”