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15 Apr 2015
EUR/USD a sell into ECB policy meeting – AceTrader
FXStreet (Barcelona) - The AceTrader Team maintains a sell on upticks approach for EUR/USD into the ECB policy announcement, expecting a move below 1.0611 to trigger further weakness towards 1.0558.
Key Quotes
“On the daily picture, despite euro's choppy sideways move in the 2nd part of Mar following early resumption of recent downtrend to a 12-year trough of 1.0457, last week's continued weakness together with cable tanking to a fresh near 5-year bottom on Fri suggests re-test of 1.0457 wud be seen later this month, a break there wud extend euro's long-term downtrend to next downside obj. at 1.0396, this is 61.8% proj. of intermediate decline fm 1.1534 to 1.0457 measured fm 1.1062.”
“Y'day's strg rebound signals erratic fall fm 1.0162 has formed a temp. low there, however, intra-day renewed weakness at Asian open suggests consolidation with downside bias remains, below 1.0611 wud indicate aforesaid rebound is over n yield weakness twd 1.0521.”
“Today, we're selling euro on recovery ahead of ECB policy announcement in anticipation of decline twd 1.0558. Only abv 1.0708 risks gain to 1.0730/40.”
Key Quotes
“On the daily picture, despite euro's choppy sideways move in the 2nd part of Mar following early resumption of recent downtrend to a 12-year trough of 1.0457, last week's continued weakness together with cable tanking to a fresh near 5-year bottom on Fri suggests re-test of 1.0457 wud be seen later this month, a break there wud extend euro's long-term downtrend to next downside obj. at 1.0396, this is 61.8% proj. of intermediate decline fm 1.1534 to 1.0457 measured fm 1.1062.”
“Y'day's strg rebound signals erratic fall fm 1.0162 has formed a temp. low there, however, intra-day renewed weakness at Asian open suggests consolidation with downside bias remains, below 1.0611 wud indicate aforesaid rebound is over n yield weakness twd 1.0521.”
“Today, we're selling euro on recovery ahead of ECB policy announcement in anticipation of decline twd 1.0558. Only abv 1.0708 risks gain to 1.0730/40.”