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7 Mar 2014
Flash: EUR/USD may target 1.40 ahead of 1.4420 - ANZ
FXStreet (Bali) - EUR/USD may see a potential measured move to 1.4000 and then 1.4420 (50% retracement of the range seen since 2008’s high), notes Tim Riddel, Head of Global Markets Research at ANZ.
Key Quotes
"Declining resistance (off 2008’s 1.6040 high), which capped EUR/USD at 1.3885-90 in December, is being breached (1.3820-25 this week)."
"A weekly close above 1.3825 (confirmed above 1.3895) should trigger a range flip to 1.4150 if not a broader measured target of 1.4420."
"Despite breaking declining resistance, broad patterns since 2008 are considered corrective with strong resistance likely at 1.4420-50."
"A close below 1.3820 would reduce near term upside potential, but a break below 1.3750 is needed to frustrate the up-move."
"EUR crosses are generally supportive. EUR/JPY’s sound break above 141.00 signals a retest of 145.60 within a measured move to 150.75."
Key Quotes
"Declining resistance (off 2008’s 1.6040 high), which capped EUR/USD at 1.3885-90 in December, is being breached (1.3820-25 this week)."
"A weekly close above 1.3825 (confirmed above 1.3895) should trigger a range flip to 1.4150 if not a broader measured target of 1.4420."
"Despite breaking declining resistance, broad patterns since 2008 are considered corrective with strong resistance likely at 1.4420-50."
"A close below 1.3820 would reduce near term upside potential, but a break below 1.3750 is needed to frustrate the up-move."
"EUR crosses are generally supportive. EUR/JPY’s sound break above 141.00 signals a retest of 145.60 within a measured move to 150.75."