Flash: EUR/USD MA’s converging around 1.3140-90 - Westpac

FXstreet.com (Barcelona) - The Westpac Global Strategy Team note that EUR/USD 55, 100 and 200 day moving averages have converged in the 1.3140-90 range, with the runup to 1.34 an increasingly distant memory.

Key Quotes

“ECB president Draghi’s mood last week was gloomier than expected, adding to our bias to sell into the 1.32-1.33 region.”

“However, US data has been too soft to inspire much fresh USD buying, leaving 1.3100 intact for now.”