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10 Dec 2014
EUR trading flat – Scotiabank
FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, notes that EUR is flat with no fundamental data and ignoring ECB’s Hansson’s comments that they will turn to corporate bonds before sovereign.
Key Quotes
“EUR is flat to yesterday’s close, after trading in a tight 37‐point range during the Asian and European sessions. Yesterday’s profit taking was important and has forced some of the move vulnerable shorts out of the market; however the failure to close above last Friday’s open of 1.2379 or high of 1.2393 puts important emphasis on today’s close. Should EUR fail again to close above these levels it would be technically bearish; should it break above it would open up a test to 1.2470.”
“There was no data released today. The ECB’s Hansson suggested that corporate bond buying should be pursued before sovereigns and that in principle the ECB could look to equities; but that it is too early to judge if the central bank will commit to action in January.”
“EURUSD short‐term technicals: mixed—warning of a short‐period of stability. Support lies at the recent low of 1.2247, a break below here would open up a test to 1.2200; while resistance comes in at yesterday’s high of 1.2448. A close above 1.2379 today would open up a nearterm test to yesterday’s high followed by 1.2500.”
Key Quotes
“EUR is flat to yesterday’s close, after trading in a tight 37‐point range during the Asian and European sessions. Yesterday’s profit taking was important and has forced some of the move vulnerable shorts out of the market; however the failure to close above last Friday’s open of 1.2379 or high of 1.2393 puts important emphasis on today’s close. Should EUR fail again to close above these levels it would be technically bearish; should it break above it would open up a test to 1.2470.”
“There was no data released today. The ECB’s Hansson suggested that corporate bond buying should be pursued before sovereigns and that in principle the ECB could look to equities; but that it is too early to judge if the central bank will commit to action in January.”
“EURUSD short‐term technicals: mixed—warning of a short‐period of stability. Support lies at the recent low of 1.2247, a break below here would open up a test to 1.2200; while resistance comes in at yesterday’s high of 1.2448. A close above 1.2379 today would open up a nearterm test to yesterday’s high followed by 1.2500.”