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11 Mar 2013
Forex Flash: EUR/USD short opened; targeting 1.27-1.28 - Westpac
Westpac opened a short EUR/USD at 1.3012 last Friday, targeting a run to 1.27-1.28 zone.
Westpac speculates that a second round of elections in Italy may be unavoidable, and "that could fan market fears around anti-EUR, anti-reform parties performing even better, much as we saw going into the second round Greek election last year" notes Richard Franulovich, Westpac strategist.
"Altogether it's difficult to see EUR sustaining a multi-day/week bid against this backdrop. We will add to the trade into 1.3100 and stop out of the trade through 1.3200" Richard adds..
Westpac speculates that a second round of elections in Italy may be unavoidable, and "that could fan market fears around anti-EUR, anti-reform parties performing even better, much as we saw going into the second round Greek election last year" notes Richard Franulovich, Westpac strategist.
"Altogether it's difficult to see EUR sustaining a multi-day/week bid against this backdrop. We will add to the trade into 1.3100 and stop out of the trade through 1.3200" Richard adds..