Helena Izotova
The experts of the National Bank of Australia (NAB) have recently given comments on shorting the Euro with the last few weeks. They say that the bears have only recently started taking profits and reducing exposure. There were no major deals in the 1.28-1.3 zone.
The bears started reducing exposure last Wednesday. However, Nick Parsons, a NAB representative, doesn’t see any positive sentiment in the market as the eurozone’s prospects are still unclear.
In the meantime, the Euro has started depreciating against the US Dollar. According to the Department of Masterforex-V Trading System , there is a bearish FZR H2. EURUSD has started forming wave А/В of Daily2. Once the local low 1.3041 is broken, the currency pair may well trigger another downswing to 1.3015, 1.3000, 1.2978 and even 1.2929. The downtrend will be over once the price breaks above the MF pivot 1.3213 and the top of the MF sloping channel (as shown below):
Helena Izotova
