EUR/USD: Offers building 1.1420/40, stops sub 1.1280 – SocGen

By FXStreet FXStreet (Bali) – Societe Generale Trading Desk remains supprtive of the idea to reload on a bounce above 1.1400 in EUR/USD, noting offers building at 1.1420/40, with stops below 1.1280.

Key Quotes

“The EUR rebounded smartly on Tuesday European time on an improvement in bank sentiment in the ECB lender’s survey for Sept. But it is hard to get too excited as the market still anticipates dovishness from Draghi at the ECB meeting Thursday.”

“Bigger picture spot failed above 1.1500 late last week and the desk here covered their short into 1.1330-20 and now look to reload on a bounce above 1.1400 with some offers on the books building out into 1.1420-40.”

“Meanwhile on the downside we think there will be continued buying interest into 1.1310-1.1280 region which is where we saw demand y’day in our sessions but stops are building out below there.”
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Source:: FX Street