Back
23 Aug 2014
Targeting 1.30 handle for year end - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the events around the EUR, apart from Draghi speaking, were limited today but ahead of a busier schedule next week.
Key Quotes:
“There was no data released today with next week’s German IFO, Eurozone confidence and CPI the highlights leading into the September 4th ECB meeting."
"EUR/USD short‐term technicals: bearish—all signals, both short and medium‐term, warn of further downside risk; the RSI is at 30 suggesting there is plenty of room before reaching oversold levels and sentiment is negative. Accordingly, the biggest risk with EUR is a short period of retracement before making a new low; however for now we are biased to position with the downward trend and hold a year‐end target of 1.30."
Key Quotes:
“There was no data released today with next week’s German IFO, Eurozone confidence and CPI the highlights leading into the September 4th ECB meeting."
"EUR/USD short‐term technicals: bearish—all signals, both short and medium‐term, warn of further downside risk; the RSI is at 30 suggesting there is plenty of room before reaching oversold levels and sentiment is negative. Accordingly, the biggest risk with EUR is a short period of retracement before making a new low; however for now we are biased to position with the downward trend and hold a year‐end target of 1.30."