12 May 2015
EUR/USD sliding south in technical trade – KBC
FXStreet (Barcelona) - The KBC Bank Research Team maintains a sell-on-upticks bias for EUR/USD, noting that yesterday’s downfall was as a result of technical considerations.
Key Quotes
“Yesterday, we had a negative daily bias for EUR/USD on technical considerations and on the fact that the rise in core bond yields slowed. Greece was a wildcard. EUR/USD indeed stayed under moderate pressure, but global yields did rise again. However, the driver this time came from the US, not from Europe.”
“Today, we don’t see an obvious driver for EUR/USD trading. We look out whether the dollar can gradually profit from rising US yields/interest rate differentials. We assume that the topside in EUR/USD should be rather well protected.”
“Last week we indicated that the 1.1392 correction top as a potential strong resistance. This assumption looks confirmed for now. So, we maintain a cautious sell-on-upticks bias for EUR/USD.”
Key Quotes
“Yesterday, we had a negative daily bias for EUR/USD on technical considerations and on the fact that the rise in core bond yields slowed. Greece was a wildcard. EUR/USD indeed stayed under moderate pressure, but global yields did rise again. However, the driver this time came from the US, not from Europe.”
“Today, we don’t see an obvious driver for EUR/USD trading. We look out whether the dollar can gradually profit from rising US yields/interest rate differentials. We assume that the topside in EUR/USD should be rather well protected.”
“Last week we indicated that the 1.1392 correction top as a potential strong resistance. This assumption looks confirmed for now. So, we maintain a cautious sell-on-upticks bias for EUR/USD.”