3 Feb 2015
EUR faces further consolidation – Westpac
FXStreet (Edinburgh) - In the opinion of strategists at Westpac, the outlook for the single currency remains tilted to the downside.
Key Quotes
“Not a lot going for the euro right here, even as ECB QE anticipation is out of the way and positions are of course heavily lopsided”.
“Fresh negatives include a highly combustible Greek/troika review in coming weeks, with recent sound bites from officials on both sides showing precious little goodwill”.
“EUR/CHF slowly forming a beachhead above parity but not convinced it will last amid ongoing ECB QE and instability in Russia. EUR/USD a sell into 1.1450/1.1550”.
“Price is likely to continues to consolidate after its failed break of LT Fibonacci support at 1.1205. Long term/ medium term downtrend is on hold”.
Key Quotes
“Not a lot going for the euro right here, even as ECB QE anticipation is out of the way and positions are of course heavily lopsided”.
“Fresh negatives include a highly combustible Greek/troika review in coming weeks, with recent sound bites from officials on both sides showing precious little goodwill”.
“EUR/CHF slowly forming a beachhead above parity but not convinced it will last amid ongoing ECB QE and instability in Russia. EUR/USD a sell into 1.1450/1.1550”.
“Price is likely to continues to consolidate after its failed break of LT Fibonacci support at 1.1205. Long term/ medium term downtrend is on hold”.