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EUR eyes on the ECB and a probable bounce – Westpac

FXStreet (Edinburgh) - Analysts at Westpac Global Strategy Group allow the possibility of a rebound in the pair in light of this week’s ECB gathering.

Key Quotes

“The week boils down to Draghi’s press conference on Thu”.

“It may be too soon to formally announce specifics around an ABS asset purchase program but Draghi’s appearance should nevertheless be littered with heavily dovish commentary amid weaker confidence gauges, heightened geopolitical risks and 0.3% y/y inflation”.

“A repeat of the downside risks and a preparedness to ease yet further however will not be news, suggesting some risk of squeeze higher in EUR around the ECB meeting”.

“The largest IMM spec shorts since Jul 2012 add to the risk of a brief bounce. EUR/USD looks a sell on any trade with a 1.32 handle”.

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