17 Feb 2015
EUR/USD might test the top of its range at 1.1542 – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, views EUR/USD strength might extend further to test the top of its 1.1098-1.1542 range.
Key Quotes
“EUR is up 0.7% retracing all of yesterday’s Greek induced weakness.”
“Today’s German ZEW was encouraging, climbing to 45.5 on the current situation and expectations up to 53 (the highest since last February). Following on last week’s strong GDP, it warns of an improving environment in Europe’s largest economy.”
“However for EUR current developments in Greece is the clear overhang.”
“EURUSD short‐term technicals: mixed—but we see technicals shifting in favour of a temporary rally in EUR.”
“The MACD and moving averages support an upside test even as EUR continues to trade within its broader month long range of 1.1098 to 1.1542.”
“We expect a near‐term test up to the top end of this range.”
Key Quotes
“EUR is up 0.7% retracing all of yesterday’s Greek induced weakness.”
“Today’s German ZEW was encouraging, climbing to 45.5 on the current situation and expectations up to 53 (the highest since last February). Following on last week’s strong GDP, it warns of an improving environment in Europe’s largest economy.”
“However for EUR current developments in Greece is the clear overhang.”
“EURUSD short‐term technicals: mixed—but we see technicals shifting in favour of a temporary rally in EUR.”
“The MACD and moving averages support an upside test even as EUR continues to trade within its broader month long range of 1.1098 to 1.1542.”
“We expect a near‐term test up to the top end of this range.”