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Forex Strategy: Looking to Re-Enter EUR/USD Short

Forex Strategy: Looking to Re-Enter EUR/USD Short

2013-12-05 11:12:00
Ilya Spivak, Sr. Currency Strategist
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Looking past near-term volatility triggered by conflicting jawboning efforts from central bank officials, the trajectory of Fed policy – namely, looking to reduce stimulus by tapering QE asset purchases at some point in 2014 – stands in stark contrast to that of the ECB.

A shallow rebound from November lows mounted after prices were sent downward having tested the boundaries of the 5-year down trend now looks to be running out of steam. I will look for technical confirmation on a weekly close below 1.3524 to enter short, targeting 1.3148 initially.

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