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5 May 2015
EUR/USD, sell rallies to 1.13/1.14 – Westpac
FXStreet (Edinburgh) - Strategists at Westpac have recommended selling the pair on rallies to the 1.13/1.14 band.
Key Quotes
“With the exception of the last couple days the relentless run of weaker US data seems to be finally developing some traction with EUR”.
“The single currency will continue to have its doubters though, understandably, amid ongoing ECB QE and growing risks of another sovereign event in Greece”.
“As such EUR's recent run up looks more like a squeeze on long term shorts than anything else”.
“Hard to see sustained trade above 1.13-1.14, this level offering some appeal for reopening long term EUR shorts”.
“The hold of long term trend support around 1.05 in Mar/Apr has put an interim floor under EURUSD. The break of key resistance at 1.1000/50 now targets 1.14/1.15”.
Key Quotes
“With the exception of the last couple days the relentless run of weaker US data seems to be finally developing some traction with EUR”.
“The single currency will continue to have its doubters though, understandably, amid ongoing ECB QE and growing risks of another sovereign event in Greece”.
“As such EUR's recent run up looks more like a squeeze on long term shorts than anything else”.
“Hard to see sustained trade above 1.13-1.14, this level offering some appeal for reopening long term EUR shorts”.
“The hold of long term trend support around 1.05 in Mar/Apr has put an interim floor under EURUSD. The break of key resistance at 1.1000/50 now targets 1.14/1.15”.