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Credit Agricole recommends buying EUR/USD on dips - eFXnews

FXStreet (Łódź) - The eFXnews team note that Credit Agricole see EUR strength despite the rising concerns over Greece and advise to buy it on dips for example against USD.

Key quotes

"This is mainly due to additional room of normalizing Fed-ECB monetary policy expectations and as speculative EUR short positioning remains close to elevated levels."

"Elsewhere it cannot be excluded that demand for EUR-denominated risk assets picks up anew after last few weeks’ correction lower in equities."

"As a result to the above outlined conditions we remain long EUR/USD as a trade recommendation, targeting a move to 1.31 over the coming few weeks."

"From a broader angle, we still like to sell the pair. However, more balanced speculative positioning may be required for doing so."

"CA went long EUR/USD last Friday at 1.2660 with a target at 1.31 and a stop of 1.2350."

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