20 Jan 2015
EUR/USD: Short-covering expected ahead of ECB - 2ndSkies
FXStreet (Bali) - While Chris Capre, Founder at 2ndSkies, remains medium term bearish in EUR/USD, he expects some profit taking and covering of shorts heading into the ECB meeting.
Key Quotes
"Continuing from the yearly lows printed on Jan 16th, the Euro is now testing the key resistance level at 1.1645. Medium term I'm still bearish, and I'm guessing there is some profit taking and covering of shorts heading into the ECB meeting this week."
"Trading should thus be light till then, but I'll still look to sell from resistance. Only a daily close above 1.1750+ negates the bearish trend structure short and medium term."
"Any massive selling post ECB meeting would mean 1.15 and 1.10 will likely be under attack."
Key Quotes
"Continuing from the yearly lows printed on Jan 16th, the Euro is now testing the key resistance level at 1.1645. Medium term I'm still bearish, and I'm guessing there is some profit taking and covering of shorts heading into the ECB meeting this week."
"Trading should thus be light till then, but I'll still look to sell from resistance. Only a daily close above 1.1750+ negates the bearish trend structure short and medium term."
"Any massive selling post ECB meeting would mean 1.15 and 1.10 will likely be under attack."