10 Apr 2014
EUR/USD MACD in sell territory - Scotiabank
FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank noted the EUR is flirting with 1.38 but still trading in its broad range.
Key Quotes:
"EUR is flirting with 1.38 but still trading in its broad range”.
“German exports came under pressure, falling –1.3%m/m in February leading to a narrower than expected trade surplus of €16.3bn; however EUR weakness on this release was easily retraced as markets have instead focused on how the passing of the European crisis peak has been reflected in the collapse of 10‐year yields in 2014; Portuguese 10‐years are down 144bpts, Spanish 10‐years are down 59bpts and Italian yields down 73bpts and Greek 10‐years down 156bpts (as it will go back to markets this week)."
"EUR/USD short‐term technicals: mixed—the MACD remains in sell territory but signals are fading as spot remains somewhat range bound. Support lies at the 50‐day MA at 1.3742 with resistance at the recent high of 1.3820 followed by the psychological 1.3900."
Key Quotes:
"EUR is flirting with 1.38 but still trading in its broad range”.
“German exports came under pressure, falling –1.3%m/m in February leading to a narrower than expected trade surplus of €16.3bn; however EUR weakness on this release was easily retraced as markets have instead focused on how the passing of the European crisis peak has been reflected in the collapse of 10‐year yields in 2014; Portuguese 10‐years are down 144bpts, Spanish 10‐years are down 59bpts and Italian yields down 73bpts and Greek 10‐years down 156bpts (as it will go back to markets this week)."
"EUR/USD short‐term technicals: mixed—the MACD remains in sell territory but signals are fading as spot remains somewhat range bound. Support lies at the 50‐day MA at 1.3742 with resistance at the recent high of 1.3820 followed by the psychological 1.3900."