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22 Jan 2015
EUR/USD might move towards 1.13 levels by 2015-end – Scotiabank
FXStreet (Barcelona) - The Research Team at Scotiabank, forecasts EUR to close the year at 1.13 levels, and further add that the short-term outlook for the pair remains bearish.
Key Quotes
“Our year-end forecast is for EUR to close the year at 1.13; which would equate to a fundamentally driven 7% year-over-year decline or a 20% decline since its May 2014 high of 1.3993. We see the risks to our forecasts as skewed to the downside.”
“EURUSD short-term technicals: bearish—bearish momentum indicators have softened and hint to exhaustion as we note an RSI that appears poised to break out of oversold territory above 30 (see technicals table). We remain focused on the recent EUR low at 1.1460 while looking at the 9 day MA (1.1667) and the Jan 15 open at 1.1789.”
Key Quotes
“Our year-end forecast is for EUR to close the year at 1.13; which would equate to a fundamentally driven 7% year-over-year decline or a 20% decline since its May 2014 high of 1.3993. We see the risks to our forecasts as skewed to the downside.”
“EURUSD short-term technicals: bearish—bearish momentum indicators have softened and hint to exhaustion as we note an RSI that appears poised to break out of oversold territory above 30 (see technicals table). We remain focused on the recent EUR low at 1.1460 while looking at the 9 day MA (1.1667) and the Jan 15 open at 1.1789.”