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Flash: EUR/USD at risk of further retracements – ANZ

FXstreet.com (Barcelona) – Tim Riddell, Head of Global Markets Research at ANZ, favours broad range trading in EUR/USD, with short term bias skewed to the downside.

Key Quotes

“The fall below 1.3650 undermined potential for a test of the 1.4000 and has re-instated the favoured technical bias for broad range trading. It should again be noted that the 1.3835 high coincided with a 61.8% retracement of the slide from the 2011 high.”

“Although 1.3300 held, the turn in weekly momentum and the less dynamic style of recent rebounds leaves EUR at risk of further and deep retracements of the range of the …read more