13 Dec 2013
Flash: EURUSD gains look corrective – TDS
FXstreet.com (London) - Strategists at TD Securities said the EUR/USD gains since the late October sell-off look corrective”.
Key Quotes:
“The move up now appears to be running out of steam as the market nears the recent range highs (1.3829) where (weak) channel resistance is also converging”.
“The trend up appears to be losing some
momentum on the daily studies too, with the slow stochastic measure starting to ease back from very overbought levels”.
“The price signal for the week (bearish “shooting star”) on the candle chart is an additional warning of a market vulnerable to a turn lower”.
“Net losses next week overall will signal a reversal (the bigger the decline, the more powerful the signal). We are leaning bearish and look for downside risks to increase in the New Year”.
Key Quotes:
“The move up now appears to be running out of steam as the market nears the recent range highs (1.3829) where (weak) channel resistance is also converging”.
“The trend up appears to be losing some
momentum on the daily studies too, with the slow stochastic measure starting to ease back from very overbought levels”.
“The price signal for the week (bearish “shooting star”) on the candle chart is an additional warning of a market vulnerable to a turn lower”.
“Net losses next week overall will signal a reversal (the bigger the decline, the more powerful the signal). We are leaning bearish and look for downside risks to increase in the New Year”.