EUR/USD key medium-term support seen at 1.3248 - Scotiabank

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Córdoba) - Eric Theoret, Currency Strategist at Scotiabank, says near-term risk for EUR/USD lies to the downside, fundamentally and technically speaking.



Key Quotes



“Near term risk for EUR lies to the downside, with upcoming CPI releases (Germany- Wednesday, euro area- Thursday) adding to existing risks relating to yield spreads and broader market developments.



“Recent consolidation likely to give way to further downside as there is broad agreement among both momentum and trend indicators”.



“We await a near term break of 1.3400, with the next key medium-term downside level at 1.3248 — the 38.2% Fibo retracement level of the two-year rally in EUR”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD volatility reviewed - Rabobank

  2. Forex News

    Credit Agricole: EUR/USD a sell on rallies – eFXnews

  3. Forex News

    EUR/USD stuck around 1.0850, ‘Grimbo’ weighs

  4. Forex News

    EUR/USD sees scope for 1.09 – FXStreet

  5. Forex News

    EUR/UD advances to 1.0870 post-US data

Trading Center