7 Jun 2014
EUR/USD to regain recent uptrend? – ANZ
FXStreet (Guatemala) - Tim Riddell, Head of Global Markets Research, explained the recent slippage below 1.3775 in EUR/USD has increased the possibility that a medium-term cycle has completed on the virtual test of 1.4000.
Key Quotes:
“This does not necessarily mean a collapse, but more likely a corrective pullback over coming months”.
“Although a distinct wedge-like pattern has been broken, confirmation of the potential pullbacks towards 1.3250 (or even 1.3015) would only be gained on a weekly close below 1.3475”.
“As noted, the expected profile is one of corrective pullbacks and so it is highly likely that there will be periods of sharp squeezes to threaten - but fail - to regain the recent uptrend”.
Key Quotes:
“This does not necessarily mean a collapse, but more likely a corrective pullback over coming months”.
“Although a distinct wedge-like pattern has been broken, confirmation of the potential pullbacks towards 1.3250 (or even 1.3015) would only be gained on a weekly close below 1.3475”.
“As noted, the expected profile is one of corrective pullbacks and so it is highly likely that there will be periods of sharp squeezes to threaten - but fail - to regain the recent uptrend”.