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11 Mar 2014
Flash: EUR short terms are bullish - Scotiabank
FXStreet (Guatemala) - Eric Theoret, Currency Strategist at Scotiabank said the "EUR is weak, however noted bullish short term technicals.
Key Quotes
“Monday’s finance ministers meeting did not provide for any significant breakthroughs with regards to the Single Resolution Mechanism, and ECB Executive Board Member Lautenschlager (see suggested readings) has reinforced the tone set by President Draghi last week, one that highlights the improvement in economic data as the key reason for making no changes to policy and with the expectation that policy will remain accommodative well into the recovery."
"EUR/USD short-term technicals: bullish—all indicators are suggestive of upside, however Monday’s doji candle highlighted risk and the current decline has broken below Friday’s open. Near term support is expected at 1.3820, followed by 1.3750."
Key Quotes
“Monday’s finance ministers meeting did not provide for any significant breakthroughs with regards to the Single Resolution Mechanism, and ECB Executive Board Member Lautenschlager (see suggested readings) has reinforced the tone set by President Draghi last week, one that highlights the improvement in economic data as the key reason for making no changes to policy and with the expectation that policy will remain accommodative well into the recovery."
"EUR/USD short-term technicals: bullish—all indicators are suggestive of upside, however Monday’s doji candle highlighted risk and the current decline has broken below Friday’s open. Near term support is expected at 1.3820, followed by 1.3750."