11 Nov 2013
Flash: EUR/USD should see sell on strength circa 1.3375 - JPMorgan
FXstreet.com (Barcelona) - In a note to clients, JP Morgan Asia Pacific Strategists support the idea of shorting EURUSD, noting 1.3375 will provide interim resistance with offers targeting break of 1.3295 Thursday low.
Key Quotes
"Combination of the payroll being at 204k and downgrade of EFSF (although this was with the outlook being raised from negative to stable), EUR finally closed below the bottom of daily cloud (at 1.3375) despite some dovish Lockhart comment later in the day."
"IMM revealed further longs were trimmed which initiated after no tapering and looks short term position is close to neutral."
"Macro divergence, between Europe being exposed to deflationary risk while US numbers are backing up the bulls for the odds for December or January tapering."
Key Quotes
"Combination of the payroll being at 204k and downgrade of EFSF (although this was with the outlook being raised from negative to stable), EUR finally closed below the bottom of daily cloud (at 1.3375) despite some dovish Lockhart comment later in the day."
"IMM revealed further longs were trimmed which initiated after no tapering and looks short term position is close to neutral."
"Macro divergence, between Europe being exposed to deflationary risk while US numbers are backing up the bulls for the odds for December or January tapering."