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31 Mar 2015
EUR/USD could see another bullish attempt – Westpac
FXStreet (Edinburgh) - In the view of Strategists at Westpac, another bull run in the pair would not be ruled out.
Key Quotes
“EUR/USD price action last couple days suggests the post-FOMC exploration of the topside is complete”.
“But, while we see lower euro levels medium term we wonder whether there may be some more topside near term first, amid what is now a relentless run of weaker US data (which risks bleeding into payrolls) vs. relatively less weak Eurozone data, and with positioning in euro very heavily lopsided”.
“A significant medium term momentum failure confirmed the hold of long term support below 1.05”.
“The subsequent rally / correction has been relatively small. Risk remains for a further short term extension higher”.
Key Quotes
“EUR/USD price action last couple days suggests the post-FOMC exploration of the topside is complete”.
“But, while we see lower euro levels medium term we wonder whether there may be some more topside near term first, amid what is now a relentless run of weaker US data (which risks bleeding into payrolls) vs. relatively less weak Eurozone data, and with positioning in euro very heavily lopsided”.
“A significant medium term momentum failure confirmed the hold of long term support below 1.05”.
“The subsequent rally / correction has been relatively small. Risk remains for a further short term extension higher”.