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27 Feb 2014
Flash: EUR buyers trying to catch the euro bull by the tail - FXStreet
FXStreet (Barcelona) - Goncalo Moreira CMT, FXStreet Technical Analyst notes that from last week, we knew “Euro buyers had set up shop around 1.3650” and that level should act well as the next level of support.
Key Quotes
“Accordingly to our liquidity distribution, the bulk of trading has been seen lower in recent days. Profit taking from sellers earlier today enabled the pair to come of the lows. We now look for a brief stability and a re-energizing of downside pressures.”
“As of today, FXStreet dedicated contributors are positioned in a 200 pip narrow range: buy orders seen clustered 1.3600/20, sell orders perched above the peaks at 1.38.”
“Flow info from retail sources speaks of buyers trying to catch the euro bull by the tail and so adding to their longs. On the other hand, sellers committed to this market are hanging to their positions for several weeks now. The path to additional US dollar gains could be bumpy if there is relief buying from these die hard sellers.”
Key Quotes
“Accordingly to our liquidity distribution, the bulk of trading has been seen lower in recent days. Profit taking from sellers earlier today enabled the pair to come of the lows. We now look for a brief stability and a re-energizing of downside pressures.”
“As of today, FXStreet dedicated contributors are positioned in a 200 pip narrow range: buy orders seen clustered 1.3600/20, sell orders perched above the peaks at 1.38.”
“Flow info from retail sources speaks of buyers trying to catch the euro bull by the tail and so adding to their longs. On the other hand, sellers committed to this market are hanging to their positions for several weeks now. The path to additional US dollar gains could be bumpy if there is relief buying from these die hard sellers.”