Stay bullish on dollar as US economic surface softer than Euro zone
We continue to have a bearish view of EUR-USD, seeing scope for an eventual more on parity, even if Greece fears were to subside. We expect the U.S. economy to grow out of its recent soft patch which would in wind things…
We continue to have a bearish view of EUR-USD, seeing scope for an eventual more on parity, even if Greece fears were to subside. We expect the U.S. economy to grow out of its recent soft patch which would in wind things firm up expectations about the timing of Fed tightening. We feel dollar index would fuel the next bearish phase of EUR-USD.
The pair is settled at 1.08 early week trade after logging a three-week peak at 1.0900 on Friday. The 1.0900 level and the 50-day moving average at 1.0897 mark resistance. Support is at 1.0845 and 1.0769, which is the current position of the 20-day moving average.
Derivatives strategy:
Buying call spread can set the open position hedged as probable bullish view favours US dollars right now. The positions can be established by buying ATM call option and simultaneously selling ITM call options at the same time. Both contracts should be of far month contracts for substantial time decay to absorb implied volatility attached to Euro.
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