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EUR/USD: ‘Mess Around’ Here Before Positioning Lighten Up To

EUR/USD is stuck in a range, perhaps rising a bit on the Trump Junior story.  What’s next? Can it break higher? It will probably not be a one-way street.

Here is their view, courtesy of eFXnews:

Societe Generale FX Strategy Research notes that EUR/USD looks stuck in a 1.13-1.1460 range.

“After breaking above 1.08 in late April, EUR/USD spent a few weeks in a 1.08-1.10, and the break of that level was followed by a month between 1.11 and 1.13,” SocGen adds.

In that regard, SocGen thinks that  we will mess around here until positioning lightens up, before we can break 1.1460 and head for the 2015 high just above 1.17.

“EUR/GBP will be equally frustrating, but we have slightly more hope of a gradual climb in EUR/JPY,” SocGen adds.

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Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.