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1 Jul 2015
EUR/USD bearish target at 1.0795 – OCBC
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank, maintains a bearish outlook on EUR/USD, targeting 1.0795 levels.
Key Quotes
“Mixed global equities (with the EZ in the red), falling metals (although crude rose), and negative Greek static saw the FXSI (FX Sentiment Index) pushing higher again for the third consecutive session within Risk-Neutral territory on Tuesday.”
“From a medium term perspective, note that the IMF’s latest COFER report showed the USD’s share of global allocated reserves rose to 64.1% in 1Q 15 from 63% the previous quarter. The EUR’s portion meanwhile fell to 20.7% from 22.1%.”
“We expect investors to remain antsy with respect to the EUR in the coming days with no resolution in sight and pending news flow about the weekend Greek referendum. Note that any ‘positive surprises from Thursday’s US NFP would also likely aid in pressuring the pair lower.”
“With a EUR-USD spot ref at 1.1185, we target 1.0795 and place a stop at 1.1385.”
Key Quotes
“Mixed global equities (with the EZ in the red), falling metals (although crude rose), and negative Greek static saw the FXSI (FX Sentiment Index) pushing higher again for the third consecutive session within Risk-Neutral territory on Tuesday.”
“From a medium term perspective, note that the IMF’s latest COFER report showed the USD’s share of global allocated reserves rose to 64.1% in 1Q 15 from 63% the previous quarter. The EUR’s portion meanwhile fell to 20.7% from 22.1%.”
“We expect investors to remain antsy with respect to the EUR in the coming days with no resolution in sight and pending news flow about the weekend Greek referendum. Note that any ‘positive surprises from Thursday’s US NFP would also likely aid in pressuring the pair lower.”
“With a EUR-USD spot ref at 1.1185, we target 1.0795 and place a stop at 1.1385.”