10 Jan 2014
Flash: EUR/USD technically to test 1.35/33 areas? - TDS
FXstreet.com (Guatemala) - Strategists at TD Securities look into the technical side of the EUR/USD and offer a bearish outlook.
Key Quotes:
“The rejection of the 1.38+ levels through late 2013 and the break of the November/December bull trend remain the salient features of the daily chart from a bigger picture point of view and we remain of the opinion that the longer-term trend has topped out and should reverse”.
“However, near-term signals are more neutral than anything—momentum is weak and indicative of a market that wants to move sideways”.
“We continue to feel that EUR gains represent a selling opportunity and we continue to think EURUSD should test the 1.33/1.35 area (as a consequence of the failure above 1.38) but that may not happen too soon”.
Key Quotes:
“The rejection of the 1.38+ levels through late 2013 and the break of the November/December bull trend remain the salient features of the daily chart from a bigger picture point of view and we remain of the opinion that the longer-term trend has topped out and should reverse”.
“However, near-term signals are more neutral than anything—momentum is weak and indicative of a market that wants to move sideways”.
“We continue to feel that EUR gains represent a selling opportunity and we continue to think EURUSD should test the 1.33/1.35 area (as a consequence of the failure above 1.38) but that may not happen too soon”.