22 Jan 2014
Flash: EUR/USD mostly bearish - TD Securities
FXstreet.com (Barcelona) - Shaun Osborne, Chief FX Strategist at TD Securities highlighted the bearish stance of the EUR/USD in the near term.
Key Quotes
"No follow through selling after last week’s late EURSUD sell-off leaves the market in limbo because there is clearly little interest in pushing the EUR below 1.35 at the moment (1.3524 is the 61.8% retracement of the November-December rally)."
"We look for resistance in the upper 1.35s/low 1.36s (the 100.-day MA at 1.3575 today has effectively capped the market this week) to remain a block on rebounds from here though. Technically, EURUSD looks like it is consolidating ahead of another push lower (downside momentum should pick up below 1.3525)."
"We think EURUSD will ease towards 1.33/1.34 in the next couple of weeks. Weakness on the crosses—EURGBP is trading at a 1-year low (we target 0.8150) and EURAUD has dropped sharply today—should help contain EURUSD topside and may exert some negative drag on the market overall.
Key Quotes
"No follow through selling after last week’s late EURSUD sell-off leaves the market in limbo because there is clearly little interest in pushing the EUR below 1.35 at the moment (1.3524 is the 61.8% retracement of the November-December rally)."
"We look for resistance in the upper 1.35s/low 1.36s (the 100.-day MA at 1.3575 today has effectively capped the market this week) to remain a block on rebounds from here though. Technically, EURUSD looks like it is consolidating ahead of another push lower (downside momentum should pick up below 1.3525)."
"We think EURUSD will ease towards 1.33/1.34 in the next couple of weeks. Weakness on the crosses—EURGBP is trading at a 1-year low (we target 0.8150) and EURAUD has dropped sharply today—should help contain EURUSD topside and may exert some negative drag on the market overall.