4 Sep 2013
Flash: EUR/USD, potential of a sharp test of 1.3050 - ANZ
FXstreet.com (Barcelona) - The latest EUR/USD slide has raised the potential of a sharp test of 1.3050 (50% of recent gains), notes Tim Riddell, Head of Global Markets Research at ANZ.
Key Quotes
"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
"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."