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28 Aug 2013
Flash: EUR/USD range persists despite solid price action - ANZ
FXstreet.com (Barcelona) - Tim Riddell, ANZ Head of Global Markets Research, Asia, notes that recent EUR gains appear sound, but EUR remains at the risk of forming interim tops while range trading is being reinforced.
Key Quotes
“No change. The broad 1.25-1.37 range persists.”
“Although recent gains err to the impulsive and could suggest a full test of broader range resistance in the 1.3700 area, I remain unconvinced, seeing this as a minor “c-leg rebound.”
“Dips have been contained so far, but any slippage now below 1.3270 should rekindle the potential for a slide back towards 1.3050 if not the 1.2750 area.”
“IF current firmness persists, pressure will build for an early test of the 1.3500 area, but this would still be seen in the context of broader range defining.”
Key Quotes
“No change. The broad 1.25-1.37 range persists.”
“Although recent gains err to the impulsive and could suggest a full test of broader range resistance in the 1.3700 area, I remain unconvinced, seeing this as a minor “c-leg rebound.”
“Dips have been contained so far, but any slippage now below 1.3270 should rekindle the potential for a slide back towards 1.3050 if not the 1.2750 area.”
“IF current firmness persists, pressure will build for an early test of the 1.3500 area, but this would still be seen in the context of broader range defining.”