Morgan Stanley: EUR/USD has room to move lower - eFXnews

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Łódź) - The eFXnews team comment on Morgan Stanley’s EUR/USD forecast which assumes that the pair after crossing and holding below the key 1.35 level has room to move lower.

Key quotes

"Over the medium term we look for a move lower towards the 38.2% retracement level at 1.3250. This is just above our 1.31 year-end target. The risk to our bearish view is a move back above the recent high at 1.3698.”

“In EUR/AUD, MS notes that it has hit the 38.2% retracement level of the move from the 1.16 low in July-12 to 1.58 high in Jan-14, at 1.42.”

"We now look for moves lower, initially towards 1.40, signalling a further move to the 61.8% retracement at 1.32."

“Finally in EUR/CAD, MS notes that it has developed a similar pattern to EUR/AUD.”

"EUR/CAD is approaching the 38.2% retracement level at 1.4263, which is also just above the bottom end of the current trend channel. A move below here would give a further bearish signal."

‘This content has been provided under specific arrangement with eFXnews.’

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Four Rate Decisions - RBA, BoC, BoE, and ECB - and NFPs Highlight Week

  2. Forex News

    EUR/USD: Strength short lived - FXStreet

  3. Forex News

    EUR/USD: Support to be tested again at 1.1160?

  4. Forex News

    EUR/USD back below 1.1200

  5. Forex News

    Webinar: Key Scalps in Focus Ahead of RBA, ECB, NFPs

Trading Center