FXStreet (Bali) - Westpac thinks that the EUR/USD is overdue for a bounce towards 1.3480/1.3500 area, with such moves, if confirmed, seen as a selling opportunity.
"EUR/USD is making very heavy weather of the 1.3330/45 area while EUR/GBP has bounced around viciously in a 0.79-0.80 range in August so far, closing above 0.80 each session since the dovish BoE inflation report."
"While it’s very early days, the last two weeks has seen a lot thrown at EUR/USD and it hasn’t been able to break to fresh lows."
"We maintain our bearish EUR view for another week, but remain of the view the market is overdue a bounce towards the 1.3480/1.3500 area. We want to sell such a bounce."