“Today’s close will be important as the ability to close above 1.34 would be encouraging for bulls… EURUSD risk reversals have dropped off their highs, suggesting that the option market is not aggressive protecting against further upside. We have made no change to our year-end EUR target of 1.27, expecting renewed selling pressure to re-emerge later this year”, argues C.Sutton, Chief Currency Strategist at Scotiabank.
The cross is losing 0.45% at 1.3313 as of writing, and a break below 1.3258 (MA10d) would aim for 1.3249 (low Jan.11) and then 1.3215 (MA21d).
On the upside, a break above 1.3404 (high Jan.14) would expose 1.3417 (Upper Bollinger) en route to 1.3487 (2012 high Feb.24).
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