EUR/USD sell on rallies – UBS

By FXstreet.com | Updated August 22, 2014 AAA

FXStreet (Edinburgh) - Strategists at the Swiss lender UBS remain bearish on the pair and still see any upside as a selling opportunity.



Key Quotes



“We took profit today on our short EURUSD trade recommendation, but remains bearish the pair and expect further downside in due course”.



“The current recovery could reach 1.3417, the 38.2% retracement of the july-August sell off, but the long term weekly bearish trend suggests that this point may not be achieved”.



“As such, we recommend working offers at 1.3330, and then at 1.3400, to get short again. Our target will be 1.3045, the 50% retracement, stop at 1.3530, just above the 62% retracement of the Juy-August decline”.



“If the anticipated recovery falls to materialize and the pair crosses below 1.3249 first instead, that would also be a sell signal”.



You May Also Like

Related Forex Analysis
  1. Forex News

    Fed has restored investor’s confidence - FXStreet

  2. Forex News

    EUR/USD downside fully exposed

  3. Forex News

    US dollar rally set to extend further - BTMU

  4. Forex News

    EM developments worth noting - BBH

  5. Forex News

    Greenback giving back in US shift - TDS

Trading Center