4 Sep 2013
Flash: EUR/USD trading range bias persists - ANZ
FXstreet.com (Barcelona) - Tim Riddell, Head of Global Markets Research, Asia at ANZ notes that despite solid EUR/USD price action, the trading range bias persists.
Key Quotes
“There is some that concern whilst the EUR held above 1.3300, the favoured pattern was gaining force.”
“The breach of 1.3270 duly triggered a deeper slide and has raised the potential of a sharp test of 1.3050 (50% of recent gains).”
“This should also increase the risk, as outlined in the chart above, of a slide to test the 1.2750 area.”
“Note that a measured move off the recent spike to 1.3450 would imply a deeper slide to test 1.2500.”
“Even if a deeper slide develops, it would still considered to be re-defining a broad 1.25-1.37 trading range. A spike back above 1.3270 is needed to avoid downside pressures.”
Key Quotes
“There is some that concern whilst the EUR held above 1.3300, the favoured pattern was gaining force.”
“The breach of 1.3270 duly triggered a deeper slide and has raised the potential of a sharp test of 1.3050 (50% of recent gains).”
“This should also increase the risk, as outlined in the chart above, of a slide to test the 1.2750 area.”
“Note that a measured move off the recent spike to 1.3450 would imply a deeper slide to test 1.2500.”
“Even if a deeper slide develops, it would still considered to be re-defining a broad 1.25-1.37 trading range. A spike back above 1.3270 is needed to avoid downside pressures.”