EUR/USD: 1.0340-1.0400, key lines in the sand – TD Securities – by MSalordFX EURUSD Currencies Majors
is showing a buy-the-rumour, pattern and they warn this week could be a pretext to reinstate short positions from large investors. “EURUSD is displaying classic signs of a buy-the-rumor/sell-the-fact dynamic. As we warned last week, we were wary of 'ECB sources' stories emerging ahead of the decision to help manage expectations. Given EUR's flirtation below parity, we thought a short-squeeze was likely.
“There is concern that the anti-fragmentation tool will not be ready this week. We think it must be to begin lifting, or else it risks peripheral spread widening. The ECB suffers from institutionalized dovishness, so this week could be a pretext to reinstate shorts. 1.0340-1.0400 in EURUSD as key lines in the sand.”
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