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Scant sign of a EUR/USD rebound developing this week - TD Securities

FXStreet (Łódź) - The TD Securities team of analysts observe that the EUR/USD sell off picked up speed over the last month, and the possibility of a stabilization or reversal is rather shaky.

Key quotes


"Resistance on the daily chart stands at 1.2738 today which converges with an important resistance point from a broader point of view as well."

"Trend momentum is bearish but looks extended. We think a correction is overdue but the market may want to extend lower in the next few weeks before thinking about squaring up into the calendar year-end."

"Below 1.2500/10 near-term support would suggest a renewed pick up in the sell-off."

"Look to fade modest rallies for now but stand back if the market gets above 1.2750."

"Weekly charts tell a similar story to the daily picture, only from a longer-term point of view; the EUR sell-off remains entrenched but somewhat extended; loss of support around 1.2750/90 leaves the EUR vulnerable to a drop back to the 1.20 if the last retracement support derived from the 2012/2014 rally at 1.2505 fails to hold."

"Stay bearish while the market remains below 1.2750/60."

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