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Forex Strategy: Looking to Sell EUR/USD

Forex Strategy: Looking to Sell EUR/USD

Ilya Spivak, Head Strategist, APAC

Hints of ECB rate cuts that emerged in Mario Draghi’s press conference following last week’s rate decision were reinforced as the Bundesbank slashed Germany’s 2013 growth outlook to a meager 0.4 percent from 1.6 percent estimated previously, putting the Euro under pressure. I will look for a near-term pull-up to 1.2978 as Greece gets its bailout cash tranche this week for improved risk/reward parameters and enter short, targeting 1.2830 initially. Once the trade is triggered, a stop-loss will be set t activate on a daily close above 1.3126.

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