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EUR/USD: Approaching Critical Make Or Break Tech Levels – Barclays

EUR/USD is leaning lower as the US dollar continues moving to the upside. What’s next? It may be close to a breaking point.

Here is their view, courtesy of eFXdata:

Barclays Research discusses EUR/USD outlook and notes that  data releases this week could add to the EUR’s downside risks at critical technical levels in EUR/USD.

“These data arrive as EURUSD registers a weekly close just above its  year-to-date lows at 1.1509 and the ‘head-and-shoulders neckline’ support formed by its November 2017 and May 2018 closing lows, a break of which could end recent range trading to the downside,” Barclays argues.

Barclays  expects German June IP to dip 0.6% m/m  versus consensus expectations of -0.5% (previous: 2.6% m/m).

Aside from data, Barclays notes that Italian politics, ie, the newly approved labor market reform, carries meaningful near- and medium-term risks for Italy’s growth outlook.

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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.