EUR/USD: year-end target at 1.3000 - Scotiabank

By FXstreet.com | August 26, 2014 AAA

FXStreet (Córdoba) - Camilla Sutton, strategist at Scotiabank commented that the hold a year-end target for EUR/USD at 1.3000 as investors position for policy action by the ECB.

Key Quotes



“EUR dropped to a fresh 11-month low early in the Asian session and has subsequently recovered back closer to 1.3200”.



“There were no data releases; but the ongoing collapse in European bond yields as investors position for policy action by the ECB. September 4th is the next policy meeting; leading into it the release of the flash CPI on Friday (expected to fall to 0.3% on headline) and Eurozone GDP will prove important releases”.



“We hold a year-end EUR target of 1.30”.



“EUR/USD short‐term technicals: bearish—with both short and medium term studies warning of further downside risk. The RSI is at 25, which is approaching oversold levels; however downward pressure on spot could see this fall lower before the market rests to catch its breath. Support lies at the recent low of 1.3179; resistance comes in at 1.3220”.



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