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14 Aug 2014
EUR/USD: hesitancy to push lower - Scotiabank
FXStreet (Córdoba) - Camilla Sutton, strategist at Scotiabank, notes that EUR/USD short‐term technicals area mixed after the euro failed to break to new lows.
Key Quotes
“Downward momentum has slowed; spot has failed to break to a new low, some near‐term studies, like the MACD, have shifted to bullish signals and spot is trading in a narrow range”.
“All of this suggest there is some hesitancy to push EUR lower and that the market is catching its breath before finding a catalyst to take it another leg lower”.
“The key level is 1.3333, the low from August 6th, a test below here would open up further near-term downside risk; however should it holds it confirms a period of rest for EUR”.
Key Quotes
“Downward momentum has slowed; spot has failed to break to a new low, some near‐term studies, like the MACD, have shifted to bullish signals and spot is trading in a narrow range”.
“All of this suggest there is some hesitancy to push EUR lower and that the market is catching its breath before finding a catalyst to take it another leg lower”.
“The key level is 1.3333, the low from August 6th, a test below here would open up further near-term downside risk; however should it holds it confirms a period of rest for EUR”.