20 Aug 2013
Flash: Despite solid EUR/USD price action, the trading range bias persists - ANZ
FXstreet.com (Barcelona) - Tim Riddell, Head of Asia Global Markets Research at ANZ notes that the broad EUR/USD 1.25-1.37 range persists.
Key Quotes
“Recent gains continue to appear relatively impulsive and could suggest an early and full test of broader range resistance in the 1.3700 area.”
“Interim corrections have been tightly contained, but such risk persists and any slippage now below 1.3270 could rekindle the potential for a slide back towards 1.3050.”
“If current firmness persists and EUR remains above 1.3315, pressure will build for an early test of the 1.3500 area, but should still be seen in the context of broader range defining.”
“The broad 1.25-1.37 range persists. Although short term price action remains firm, the broader bias (and wave count!) suggests that current gains are near to completing an interim bout of EUR strength within a broader corrective pattern.”
“Any interim signs of faltering will therefore be seen as signalling a frustrating pullback within protracted consolidation patterns that could continue into year end.”
“This profile suggests that moves towards the 1.35-1.37 area should be seen as bull-traps, or selling opportunities, as the range defining continues.”
Key Quotes
“Recent gains continue to appear relatively impulsive and could suggest an early and full test of broader range resistance in the 1.3700 area.”
“Interim corrections have been tightly contained, but such risk persists and any slippage now below 1.3270 could rekindle the potential for a slide back towards 1.3050.”
“If current firmness persists and EUR remains above 1.3315, pressure will build for an early test of the 1.3500 area, but should still be seen in the context of broader range defining.”
“The broad 1.25-1.37 range persists. Although short term price action remains firm, the broader bias (and wave count!) suggests that current gains are near to completing an interim bout of EUR strength within a broader corrective pattern.”
“Any interim signs of faltering will therefore be seen as signalling a frustrating pullback within protracted consolidation patterns that could continue into year end.”
“This profile suggests that moves towards the 1.35-1.37 area should be seen as bull-traps, or selling opportunities, as the range defining continues.”