EUR/USD downside limited? – Westpac

By FXstreet.com | Updated August 21, 2014 AAA

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group see a test of the 1.3200 handle as unlikely in the very near term.



Key Quotes



“After more than 2 weeks of congestion with a 1.33 handle, EUR/USD has broken lower and could be ontrack for substantial further decline”.



“However, with spec positioning already heavily short, it is hard to make the case that a 1.32 handle is attractive for fresh positions”.



“The week ahead should tend mildly negative for EUR/USD but is overshadowed by the early Sep data flurry so while retaining a downward bias on the week, we suspect new lows will only be marginal”.



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