EUR: Possibly attempt tiny longs at 1.4000; stop below 1.3800 |
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EUR Comment: Another new recent low at 1.3881, dragged down by EUR/JPY, and in line with many other major currencies. We feel that the moves are caused mainly by the unwinding of ‘carry trades’ in their many guises rather than any sudden new attractions of the greenback. It has collapsed in eight of the last nine weeks, the biggest monthly collapse ever, and the Euro is grossly oversold. Strategy: Possibly attempt tiny longs at 1.4000; stop below 1.3800. Short term target 1.4200/1.4225.
Filed under: Technical
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