18 Jul 2014
EUR/USD a doji tells a thousand words - Scotiabank
FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank sites a EUR/USD surrounded by uncertainty, however he is calling for the downside still.
Key Quotes
"EUR is unchanged from Thursday’s close, consolidating around 1.3520 as it appears to be forming its second consecutive doji candle—typically suggestive of uncertainty. The euro area current account balance has softened modestly, and there appears to have been little reaction to Bundesbank President Weidmann’s expectedly hawkish comments as he expressed discomfort with the unintended consequences that might arise from the current stance of monetary accommodation. EUR is likely to remain quiet ahead of preliminary PMI’s set for release late next week."
"EUR/USD short-term technicals: bearish—further downside is expected, as we await a break of the June low 1.3503, beyond which lies the 2014 low at 1.3477."
Key Quotes
"EUR is unchanged from Thursday’s close, consolidating around 1.3520 as it appears to be forming its second consecutive doji candle—typically suggestive of uncertainty. The euro area current account balance has softened modestly, and there appears to have been little reaction to Bundesbank President Weidmann’s expectedly hawkish comments as he expressed discomfort with the unintended consequences that might arise from the current stance of monetary accommodation. EUR is likely to remain quiet ahead of preliminary PMI’s set for release late next week."
"EUR/USD short-term technicals: bearish—further downside is expected, as we await a break of the June low 1.3503, beyond which lies the 2014 low at 1.3477."