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EUR/USD remains a sell on rallies – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group continues to recommend selling the pair on strength.

Key Quotes

“ECB press conference on Thu the highlight. Draghi should repeat that the Bank is committed to steering its balance sheet back toward early 2012 levels (i.e. +EUR1trn)”.

“That can only be achieved by delving deeper into the non-standard toolkit i.e. full scale sovereign QE”.

“Draghi is unlikely to provide specifics on this front as soon as Thursday (early 2015 more likely) but vague references to further easing measures and strong dovish language may well be enough to limit any EUR rally to nothing more than a short term squeeze”.

“Ideal EUR/USD sell zone continues to fall with each passing week: 1.2850-1.2900 should offer good resistance short term”.

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