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EUR/USD: The big question for EUR/USD this week - ING

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ING FX strategy notes that the big question for the EUR/USD this week is whether we'll get a topside breakout of a trading range that has held since the onset of the ECB's QE program in Jan 2015.

" Potential catalysts for the breach of the 1.1714 resistance level include constructive EZ data, a more dovish-than-expected FED, a 2Q US GDP miss or an increase in US political uncertainty.

While there are good reasons to see EUR/USD reaching new yearly highs, we may need to see a combination of all of these factors to get close to 1.1780-90.

The latest CFTC report - prior to the ECB meeting, shows that net long EUR positions are just shy of their 5 year highs. The risks are that we get a short term consolidation in the pair." as per ING.

Source of the graph: Bloomberg Pro Terminal

Trader - S. Fuchedzhiev


 Varchev Traders

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