29 Apr 2015
EUR/USD: bullish beyond 1.11 – Westpac
FXStreet (Edinburgh) - In the opinion of strategists at Westpac, spot needs to clear the 1.1100 mark in order to allow further bullish developments.
Key Quotes
“EUR/USD has been a key beneficiary of lopsided positioning hurting USD as weak data sets the scene for the FOMC meeting, with some trade above 1.10 likely near term”.
“Potentially weaker advance Q1 US GDP and ISM prints should lend support over this week”.
“Ongoing ECB QE and Grexit worries however should encourage decent selling interest into 1.11”.
“The hold of long term trend support around 1.05 in Mar/Apr has put an interim floor under EURUSD. Key resistance at 1.1000/50 is under pressure, a break of which has significant bullish implications”.
Key Quotes
“EUR/USD has been a key beneficiary of lopsided positioning hurting USD as weak data sets the scene for the FOMC meeting, with some trade above 1.10 likely near term”.
“Potentially weaker advance Q1 US GDP and ISM prints should lend support over this week”.
“Ongoing ECB QE and Grexit worries however should encourage decent selling interest into 1.11”.
“The hold of long term trend support around 1.05 in Mar/Apr has put an interim floor under EURUSD. Key resistance at 1.1000/50 is under pressure, a break of which has significant bullish implications”.