21 Jul 2015
EUR/USD might re-test 1.0460 – Westpac
FXStreet (Edinburgh) - According to strategists at Westpac, the pair could visit ytd lows in the 1.0460 area in the medium term.
Key Quotes
“EUR/USD looks set to extend what has been a low intensity glide path lower in place since late June”.
“A probe under 1.08 looks likely, potentially weaker EZ manufacturing PMI the catalyst”.
“Otherwise the broad narrative continues to speak to further medium term downside and a retest of the 1.0460 March 2015 lows, Chair Yellen delivering the latest nail in the coffin with her comments reinforcing Sep hike odds even as markets give it barely a 35% chance”.
“Negative short term/medium term momentum bias is in conflict with the uptrend structure that has been in place since the March 2015 low. A close below 1.0819 will damage the uptrend. Neutral short term bias”.
Key Quotes
“EUR/USD looks set to extend what has been a low intensity glide path lower in place since late June”.
“A probe under 1.08 looks likely, potentially weaker EZ manufacturing PMI the catalyst”.
“Otherwise the broad narrative continues to speak to further medium term downside and a retest of the 1.0460 March 2015 lows, Chair Yellen delivering the latest nail in the coffin with her comments reinforcing Sep hike odds even as markets give it barely a 35% chance”.
“Negative short term/medium term momentum bias is in conflict with the uptrend structure that has been in place since the March 2015 low. A close below 1.0819 will damage the uptrend. Neutral short term bias”.