EUR: Speculation of 1.20 on the rise – ING
|EUR/USD finally broke above the 1.163 area, and faces equally harsh resistance around 1.170, a crowded strike level for long-euro options, but now, EUR is above this level, ING's FX analyst Francesco Pesole notes.
EUR/USD may target the 1.20 level
"The euro might have drawn marginal support from NATO agreeing on the 5% defence spending target and Trump sounding broadly conciliatory towards its allies (with the exception of Spain)."
"But in practice, EUR/USD remains almost entirely a USD story. The eurozone calendar is also quite light today, while Schnabel and Guindos are all scheduled to speak (they might not all touch upon monetary policy, though)."
"A clearing of the 1.170 level should set the sights on 1.20, although some further deterioration in US-specific factors may well be necessary to get there."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.