Strategists at Westpac remark the relevance of the 1.1205 level in EUR/USD.
Key Quotes
“Still not a lot going for the euro right here even though its more stable price action lately speaks to a better tone”.
“Hard to see EUR muster anything more than a brief position squeeze given that: a) markets are toying with a June Fed rate hike after the stellar Jan US payrolls report; b) the ECB is about to launch sovereign QE in less than a month; and c) Greece remains highly combustible”.
“The model is flat EUR this week, for a second week in a row, as a still very poor growth and total yield signal competes with positive current account momentum and improved long term valuation signals”.
“Price action remains choppy as the downtrend consolidates above support at 1.1205. Close below 1.1205 reinstates the downtrend”.
Key Quotes
“Still not a lot going for the euro right here even though its more stable price action lately speaks to a better tone”.
“Hard to see EUR muster anything more than a brief position squeeze given that: a) markets are toying with a June Fed rate hike after the stellar Jan US payrolls report; b) the ECB is about to launch sovereign QE in less than a month; and c) Greece remains highly combustible”.
“The model is flat EUR this week, for a second week in a row, as a still very poor growth and total yield signal competes with positive current account momentum and improved long term valuation signals”.
“Price action remains choppy as the downtrend consolidates above support at 1.1205. Close below 1.1205 reinstates the downtrend”.
