Maybank maintains a bearish view on EUR/USD and think to sell the rebounds.
«The momentum is bearish on EUR/USD remains intact, but is showing signs of stabilization, while the stochastic is showing signs of a rebound in the oversold zone.
The materials are 1.1720 and 1.1680. The resistors are to 1.1850 and 1.1890.
We maintain a bias to sell rallies as bullish as political concerns in Germany and Spain should weigh, and that the market could also begin to turn to the elections in Austria and speculate on the election date in Italy.
Expectations of a normalization of the ECB’s very smooth and gradual can also discourage purchases of EUR/USD for the moment. «