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EUR/USD downside limited? – Westpac

FXStreet (Edinburgh) - Strategists at Westpac Global Strategy Group see a test of the 1.3200 handle as unlikely in the very near term.

Key Quotes

“After more than 2 weeks of congestion with a 1.33 handle, EUR/USD has broken lower and could be ontrack for substantial further decline”.

“However, with spec positioning already heavily short, it is hard to make the case that a 1.32 handle is attractive for fresh positions”.

“The week ahead should tend mildly negative for EUR/USD but is overshadowed by the early Sep data flurry so while retaining a downward bias on the week, we suspect new lows will only be marginal”.

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