The euro (EUR) is being negotiated in a somewhat defensively defensively in Wednesday na session, ignoring the publication of stronger data than expected with a modest surprise in the confidence figures of the euro zone and the GDP report of the second quarter, report the chief strategists of FX of Scotiabank, Shaun Osborne and Eric Theoret.
The EUR trend is bassist
“The EUR has had a bad performance after the USA Commercial Agreement, reflecting a change in the feeling with a remarkable erosion in the premium of the option for the Protection against EUR rise.”
“The EUR is vulnerable from a perspective of feeling and positioning, since the CFTC data reveal a considerable upward position among the speculative community. However, the foundations are still favorable for the EUR, since the perspectives for the relative policy of the central banks favor a reduction in the deeply negative performance differentials between Germany and the USA”
“The trend is bassist after the rupture of the 50 -day MA support level (1,0932) on Tuesday. The RSI is now clearly below 50 and pushing around 40, pointing out a bassist trend. We seek additional support in half of the 1.14 and we see the short -term limited range between the support of 1.15 and the resistance of 1.16.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
