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”.



Related Forex Analysis
  1. EUR/USD testing highs around 1.2415
    Forex News

    EUR/USD testing highs around 1.2415

  2. German IFO surprised on the upside – BBH
    Forex News

    German IFO surprised on the upside – BBH

  3. EUR undermined by dovish speech from ECB President Draghi – BTMU
    Forex News

    EUR undermined by dovish speech from ECB President Draghi – BTMU

  4. Markit Services PMI can trigger EUR/USD – FXStreet
    Forex News

    Markit Services PMI can trigger EUR/USD – FXStreet

  5. EUR/USD Struggles on Friday
    Investing

    EUR/USD Struggles on Friday

Trading Center