EUR/USD: A Close Above 1.2170 This Week A Trigger A Long Signal


The euro is looking for a new direction and may have chosen the upside. Will we see further gains? A lot depends on the close. Here is the view from SocGen:

Here is their view, courtesy of eFXnews:

Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and maintains the view that a close above 1.2170 this week would be a trigger for a long signal

“EUR/USD is in mid-range, but if we’re above 1.2170 on Friday evening that’s enough of a signal to get long or longer Italian political uncertainty lingers but has little or no FX effect,” SocGen argues.

Meanwhile, SocGen thinks that long AUD/NZD remains an attractive position and looks to buy AUD/USD tactically on a clear break above 0.7790.

“The RBA is held in check by soft wages (heard that before somewhere). But AUD/USD is holding 0.77 and to that extent is doing much better than CAD and GBP. A very tactical long appeals if we break 0.7790 but otherwise, long AUD/NZD remains,” SocGen adds.

For lots more FX trades from major banks, sign up to eFXplus

By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.

Get the 5 most predictable currency pairs

About Author

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.

Comments are closed.