EUR/USD a doji tells a thousand words - Scotiabank

By FXstreet.com | July 18, 2014 AAA

FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank sites a EUR/USD surrounded by uncertainty, however he is calling for the downside still.



Key Quotes



"EUR is unchanged from Thursday’s close, consolidating around 1.3520 as it appears to be forming its second consecutive doji candle—typically suggestive of uncertainty. The euro area current account balance has softened modestly, and there appears to have been little reaction to Bundesbank President Weidmann’s expectedly hawkish comments as he expressed discomfort with the unintended consequences that might arise from the current stance of monetary accommodation. EUR is likely to remain quiet ahead of preliminary PMI’s set for release late next week."



"EUR/USD short-term technicals: bearish—further downside is expected, as we await a break of the June low 1.3503, beyond which lies the 2014 low at 1.3477."



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY desperate to move away from 107.00
    Forex News

    USD/JPY desperate to move away from 107.00

  2. US Dollar Technical Analysis: Readying to Resume Uptrend?
    Forex News

    US Dollar Technical Analysis: Readying to Resume Uptrend?

  3. GBP/USD goes nowhere ahead of retail sales report
    Forex News

    GBP/USD goes nowhere ahead of retail sales report

  4. EUR/JPY Technical Analysis: Former Resistance Now Support
    Forex News

    EUR/JPY Technical Analysis: Former Resistance Now Support

  5. GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen
    Forex News

    GBP/JPY Technical Analysis: Pound Sold vs. Japanese Yen

Trading Center