28 Jun 2013
Flash: Bearish on the Euro – TD Securities
FXstreet.com (London) - Research teams at TD Securities are noting todays data but risk lies ahead.
They started by noting that the EUR had found decent bids overnight with EURUSD lifting as high as the strong resistance zone at 1.3070/80 marked by the 50-, 100-, and 200-day moving averages. They also noted today that the Eurozone data has generally been supportive of the move. Overall however, they remain more bearish on the single currency and don’t expect this rally to run much higher. They look to sell into this minor rally (and we will know if we are wrong with a decisive move above 1.31).
They started by noting that the EUR had found decent bids overnight with EURUSD lifting as high as the strong resistance zone at 1.3070/80 marked by the 50-, 100-, and 200-day moving averages. They also noted today that the Eurozone data has generally been supportive of the move. Overall however, they remain more bearish on the single currency and don’t expect this rally to run much higher. They look to sell into this minor rally (and we will know if we are wrong with a decisive move above 1.31).