EUR/USD: Technicals limit upside potential – Nordea

FXStreet Insights Team FXStreet

EUR/USD slips back to the sub-1.0400 area at the end of the week. Economists at Nordea believe that the pair has limited upside potential.

Investors are positioned for a higher EUR/USD

“We believe that EUR/USD will be range bound in the weeks to come.”

“When looking at technicalities it would seem the upside in EUR/USD is capped as the cross has risen close to the 200-Day Moving Average, which is a solid resistance level. Moreover, the 14 day Relative Strength Index is close to 70, a level suggesting the USD is oversold against the EUR.”

“From a fundamental perspective, two-year interest rate differentials between EUR and USD argues for lower EUR/USD, while investors are positioned for a higher EUR/USD.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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