According to Greg Gibbs, Analyst at Amplifying Global FX Capital, the EUR/USD trading pattern has been choppy and mixed since mid-year.
Key Quotes
“It is finding support around 1.13 to 1.15, the highs during the peak years of ECB QE policy from 2015 to 2016. The market seems reluctant to sell the EUR in this longer-term support zone.”
“However, the EUR may also be establishing itself below the base seen for most of Q2 (in the low 1.15s), barring the brief swoon down to 1.13 in mid-August during the height of the Turkish crisis. A failure to rebound soon may reinforce the notion it is developing a down-trend.”
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