19 Jul 2013
Flash: EUR/USD 1.3100 level key to averting downside – TD Securities
FXstreet.com (New York) - The TD Securities Team takes a step back and looking at the bigger picture, as Bernanke’s more dovish sounding comments do not change the autumn tapering expectation (we think September).
EUR/USD needs to hold key 1.3100 level
According to the Team, “We expect that theme to play out against most of the majors, so after the USD selling in recent weeks we are now looking for buying opportunities—the EUR, GBP, and CHF included.”
Meanwhile, “the EUR is under slight pressure along with most other majors against the USD today, and the EUR/USD’s inability follows through on some of the bullish price action over the last week suggests we could see stronger test of key support in the coming sessions. Below 1.3100, it could be a quick move toward 1.30.”
EUR/USD needs to hold key 1.3100 level
According to the Team, “We expect that theme to play out against most of the majors, so after the USD selling in recent weeks we are now looking for buying opportunities—the EUR, GBP, and CHF included.”
Meanwhile, “the EUR is under slight pressure along with most other majors against the USD today, and the EUR/USD’s inability follows through on some of the bullish price action over the last week suggests we could see stronger test of key support in the coming sessions. Below 1.3100, it could be a quick move toward 1.30.”