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The EURUSD price action remains lacklustre, sticking to the well-contained 1.1550 to 1.1850 range and the next move is likely to see a break to topside as USD rally starts to fizzle out into the fall, suggests the research team at TD Securities.

Key Quotes

“The Q2 GDP numbers could mark the peak in the divergence trade, especially as the move by Chinese policymakers could mitigate the tails risks to global growth from trade wars.”

“A soft NFP report would reinforce this. A USD peak would offer some tactical support for CAD and the break of trend line support near 1.3130 suggests buying dips near 1.2850.”