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2 Mar 2015
EUR/USD bearishness intact, sell on rallies – TDS
FXStreet (Edinburgh) - The outlook for the pair remains negative according to strategists at TD Securities, suggesting at the same time fading any bullish attempt to the upper-1.12s.
Key Quotes
“EURUSD is starting to look vulnerable to a renewed push lower on the basis of the signals on the shorter-term charts”.
“Now, the sustained break under the base of the upward sloping consolidation channel (bear flag) suggests the broader bear trend is resuming. It may require a move to new cycle lows to “confirm” but EURUSD has worked off the short-term oversold condition that accumulated through late 2014, trend momentum signals are aligning bearishly again across short, medium and long-term timeframes and price is showing some obvious signs of weakness”.
“The technical position looks quite negative for the EUR through the end of the week. Look to fade short-term strength to the upper 1.12s against 1.1370 resistance or go with shorts on new cycle lows”.
Key Quotes
“EURUSD is starting to look vulnerable to a renewed push lower on the basis of the signals on the shorter-term charts”.
“Now, the sustained break under the base of the upward sloping consolidation channel (bear flag) suggests the broader bear trend is resuming. It may require a move to new cycle lows to “confirm” but EURUSD has worked off the short-term oversold condition that accumulated through late 2014, trend momentum signals are aligning bearishly again across short, medium and long-term timeframes and price is showing some obvious signs of weakness”.
“The technical position looks quite negative for the EUR through the end of the week. Look to fade short-term strength to the upper 1.12s against 1.1370 resistance or go with shorts on new cycle lows”.