EUR/USD: Breaks Of 1.15 Likely Shallow & Short-Lived; EUR/GBP; A Sell Above 0.8950 – Danske

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EUR/USD managed to recover after tumbling down. What’s next?

Here is their view, courtesy of eFXdata:

Danske Research discusses its tactical EUR/USD and EUR/GBP outlook and trading strategy.

“The Italian budget issue should not weigh much further on EUR near term, positioning is stretched on USD longs (and neutral EUR), and good technical support is seen in EUR/USD around 1.15; this suggests to us that a break of this level should be shallow and short-lived,” Danske argues.

We look for EUR/GBP to remain range bound (0.875-0.895) near-term with Brexit uncertainty expected to remain a key source of volatility. From a risk/reward perspective, we would consider selling EUR/GBP if the cross breaks above 0.8950,” Danske adds.

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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 the 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.

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