EUR/USD ranges, bear are nervous - Scotiabank

By FXstreet.com | July 14, 2014 AAA

FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained they expect EUR to be comfortable range trading between 1.35 and 1.37 until there is a catalyst to force it lower.



Key Quotes:



“This week, inflation, trade and ECB commentary by President Draghi, Coeure and Noyer will prove the highlights. The CFTC EUR position stabilized this week at a net short of ‐$10bn, the failure for it to build further is a warning signal that bears are once again growing nervous."



"EUR/USD short‐term technicals: mixed—with most signals and spot suggesting EUR is range bound, likely between 1.35 and 1.37. Near term support lies at the recent 1.3576 low; while resistance comes in at the 200‐day MA at 1.3678."



“We hold a year‐end forecast of 1.30."



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