Back
22 Apr 2015
EUR/USD key resistance at 1.0840 – Westpac
FXStreet (Edinburgh) - Strategists at Westpac remarked the key resistance level at 1.0840 for the pair.
Key Quotes
“EUR/USD looks like it may well continue to tread water between 1.05 and 1.10, torn by ongoing ECB QE on the one hand and a still uninspiring run of US data on the other hand”.
“Short term yield spreads have been trending ever so gently in EUR’s favour since early March, even as Draghi’s press conference doused concerns about a scarcity of suitable bonds for QE and strongly signalled full steam ahead for QE”.
“EZ PMI surveys this week probably build on the recovery momentum that has formed in the last several months while US data (durable goods orders and new and existing home sales) seem unlikely candidates for a rapid reversal of sentiment on US growth prospects”.
“EUR bounce likely to fail into 1.10 with 10yr bund yields likely to trade negative in the near future”.
“The hold of LT trend support around 1.05 in Mar/Apr has put an interim floor under EURUSD. A close above 1.0840 is the next positive trigger we seek”.
Key Quotes
“EUR/USD looks like it may well continue to tread water between 1.05 and 1.10, torn by ongoing ECB QE on the one hand and a still uninspiring run of US data on the other hand”.
“Short term yield spreads have been trending ever so gently in EUR’s favour since early March, even as Draghi’s press conference doused concerns about a scarcity of suitable bonds for QE and strongly signalled full steam ahead for QE”.
“EZ PMI surveys this week probably build on the recovery momentum that has formed in the last several months while US data (durable goods orders and new and existing home sales) seem unlikely candidates for a rapid reversal of sentiment on US growth prospects”.
“EUR bounce likely to fail into 1.10 with 10yr bund yields likely to trade negative in the near future”.
“The hold of LT trend support around 1.05 in Mar/Apr has put an interim floor under EURUSD. A close above 1.0840 is the next positive trigger we seek”.