FXStreet (Edinburgh) – In the view of analysts at TD Securities, the pair remains well supported near 1.13 although the rejection from 1.1400 casts doubts over the chance of further upside.
Key Quotes
“EURUSD gains through 1.13 last week do suggest the balance of risks in the short-term is geared towards more gains (towards 1.17, potentially) but the EUR’s stall below 1.14 over the past couple of sessions suggests that the round of short-covering in EURUSD seen earlier in the month has robbed the market of a lot of conviction and we think there will have to be something very substantive in this week’s data or developments to get the EUR heading for the high teens”.
“We think spot EURUSD needs to hold 1.13 near-term to sustain the rebound so detail of the Greek compromise and data—while both look thin on the ground today—are key in the early part of the week. Back under 1.13 in the early part of this week should see EURUSD back to 1.12 fairly easily”.
(Market News Provided by FXstreet)