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EUR/USD sell on up-ticks – KBC

FXStreet (Barcelona) - The KBC Research Team sees the break below 1.25 as paving way for 1.2043/1.877 levels and hence suggest to sell on pronounced up-ticks.

Key Quotes

“We have a bullish LT view on the dollar. The difference in policy stance between the US and Europe suggests more dollar gains against the euro further down the road. Draghi reinforced this view at last week’s ECB press conference, but it was not enough to trigger a sustained EUR/USD decline after the US payrolls.”

“From a technical point of view, the break below 1.25 opens the way to the 1.2043/1.1877 key support area (July 2012 low/Crisis low June 2010).We think that those levels are feasible. Strong USD data might help to go that way.”

“However, of late US rates and the dollar reacted very reticent to good US data. This suggests that there is still some time needed to digest the recent decline of EUR/USD. Look to sell into any more pronounced up-ticks.”

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