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11 Nov 2014
EUR looking oversold on the crosses - FXWW
FXStreet (Bali) - Sean Lee, Founder at FXWW, notes how most of the EUR cross pairs are exhibiting oversold conditions, implying that there might be some risks for a nasty short squeeze in the days ahead.
Key Quotes
"EUR/GBP- the whole world seems to be bearish, myself included, and we are nearing very significant and proven support at .7750; EUR/CAD- also getting very close to significant support levels near 1.4000; EUR/AUD- slightly more mid-range in a 1.42/1.46 consolidation but you can argue the case that a bottoming formation is developing on the daily chart; EUR/JPY- made fresh highs on the daily chart at the end of last week. With no policy developments to come from the ECB for quite a while, and with the market very bearish and very short, could we get a nasty short squeeze in the EUR crosses?"
Key Quotes
"EUR/GBP- the whole world seems to be bearish, myself included, and we are nearing very significant and proven support at .7750; EUR/CAD- also getting very close to significant support levels near 1.4000; EUR/AUD- slightly more mid-range in a 1.42/1.46 consolidation but you can argue the case that a bottoming formation is developing on the daily chart; EUR/JPY- made fresh highs on the daily chart at the end of last week. With no policy developments to come from the ECB for quite a while, and with the market very bearish and very short, could we get a nasty short squeeze in the EUR crosses?"