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10 Sep 2013
Flash: EUR/USD still a sell into 1.32/33 region – Westpac
FXstreet.com (Lisbon) - Sean Callow, a Global FX Strategist at Westpac analyzes the short-term surge of the EUR/USD and outlines a strategy intraweek.
Key quotes
“The EUR/USD 55, 100 and 200-day moving averages have converged in the 1.3140-90 range, with the runup to 1.34 an increasingly distant memory.”
ECB president Draghi’s mood last week was gloomier than expected, adding to our bias to sell into the 1.32-1.33 region. However, US data has been too soft to inspire much fresh USD buying, leaving 1.3100 intact for now on the bottom end, though a healthy possibility for a run higher in interim.”
Key quotes
“The EUR/USD 55, 100 and 200-day moving averages have converged in the 1.3140-90 range, with the runup to 1.34 an increasingly distant memory.”
ECB president Draghi’s mood last week was gloomier than expected, adding to our bias to sell into the 1.32-1.33 region. However, US data has been too soft to inspire much fresh USD buying, leaving 1.3100 intact for now on the bottom end, though a healthy possibility for a run higher in interim.”