Euro's 4 Failures Since 1999
One week before the release of the important August US jobs report and six days before the ECB decision, we issued 1 more short trade in EURUSD, backed by a technical occurrence seen only in 4 occasions since the start creation of EURUSD; Oct 2010, Oct 2011, Feb 2013 and Aug 2013. Forecasts that NFP would have rebounded to 200K should lead to a taper of asset purchases in the event that these materialize. Draghi is expected to reiterate his forward guidance on keeping rates low for an extended period of time, but may also keep a dovish stance to prevent a run-up in the single currency as was the case in early February. Finally, keep an eye on any further hints/reports regarding President Obama's choice for the next chairman to the Federal Reserve.
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