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12 Mar 2015
EUR/USD sell towards 1.08/1.10 – TDS
FXStreet (Edinburgh) - According to Shaun Osborne, Chief FX Strategist at TD Securities, a squeeze to the area of 1.08/1.10 could represent an opportunity for sellers.
Key Quotes
“EURUSD steadies and a short-term bounce looks overdue—in line with a still quite oversold market and seasonal patterns through late Q1 and early Q2 which favour EUR gains”.
“We remain resolutely bullish on the USD in the longer run but the EUR peeling off another seven big figures against the USD since the start of the month has just felt a little too much after such an extended run lower”.
“There is no getting around the longer-term, downside risks facing the EUR, however. Even if EURUSD does rebound near-term, we rather think short-term strength will only give the markets better levels to sell into; ECB QE will drive investors out of low (negative) yielding assets into higher yielding assets and we firmly believe that the Fed can achieve rate lift off later this year”.
“From a chart perspective, EURUSD could recover to 1.11 and remain in a distinct bear trend. Corrective EUR gains in the next few weeks (to the 1.08/1.10 region if that sort of bounce develops) are a sell against 1.11”.
Key Quotes
“EURUSD steadies and a short-term bounce looks overdue—in line with a still quite oversold market and seasonal patterns through late Q1 and early Q2 which favour EUR gains”.
“We remain resolutely bullish on the USD in the longer run but the EUR peeling off another seven big figures against the USD since the start of the month has just felt a little too much after such an extended run lower”.
“There is no getting around the longer-term, downside risks facing the EUR, however. Even if EURUSD does rebound near-term, we rather think short-term strength will only give the markets better levels to sell into; ECB QE will drive investors out of low (negative) yielding assets into higher yielding assets and we firmly believe that the Fed can achieve rate lift off later this year”.
“From a chart perspective, EURUSD could recover to 1.11 and remain in a distinct bear trend. Corrective EUR gains in the next few weeks (to the 1.08/1.10 region if that sort of bounce develops) are a sell against 1.11”.