According to analysts from Danske Bank, next week ECB meeting is likely to add upside risks for EUR/USD. They expect the pair to trade in a range around 1.13 near-term but warn that risks remain on the upside longer-term.
“The July ECB meeting will, if anything, likely add to upside risks for EUR/USD: when Draghi started the exit talk at the Sintra conference, he also opened the lid for the cross for good, i.e. this was the catalyst for the FX market to start to correct its long-standing undervaluation. We still see EUR/USD in a range around 1.13 near term but risks remain on the upside longer term. That said, speculators are now long EUR/USD (IMM data), which suggests that further upside near term will be more difficult to bring about.”
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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