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1 Apr 2015
Short EUR/USD, target 1.04 – BNPP
FXStreet (Barcelona) - Robert McAdie, Global Markets Head of Research and Strategy at BNP Paribas, maintains a bearish outlook on EUR/USD and targeting 1.04 levels, explaining that markets have only overreacted to the dovishness of the recent FOMC statement.
Key Quotes
“Short EURUSD. We expect eurozone investors to be substantial sellers of EURUSD on tests above 1.10, making the risk-reward attractive for establishing new shorts ahead of that level.”
“The market has overreacted to the dovishness of the recent FOMC statement, in our view.”
“Real rate spreads are likely to move further against the EUR as Fed tightening approaches later this year.”
“Meanwhile, the market’s short EURUSD positioning is not stretched.”
“Entry 1.0990. Target: 1.04. Stop: 1.1165. Current: 1.0850. Horizon: 3 months.”
Key Quotes
“Short EURUSD. We expect eurozone investors to be substantial sellers of EURUSD on tests above 1.10, making the risk-reward attractive for establishing new shorts ahead of that level.”
“The market has overreacted to the dovishness of the recent FOMC statement, in our view.”
“Real rate spreads are likely to move further against the EUR as Fed tightening approaches later this year.”
“Meanwhile, the market’s short EURUSD positioning is not stretched.”
“Entry 1.0990. Target: 1.04. Stop: 1.1165. Current: 1.0850. Horizon: 3 months.”