EUR/USD: No Change In S/T Story (A Tired Rally) Or L/T Story (Heading To 1.30) – SocGen

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The euro lost some ground the dollar in limited range trading. However, this tired rally may make way for gains down the road.

Here is their view, courtesy of eFXnews:

Societe Generale Cross Asset Strategy Research discusses EUR/USD outlook and maintains its bullish medium-term bias over the coming months.

“EUR/USD tested 1.2450 and then fell just below 1.23 during Mario Draghi’s ECB press conference a week ago. It’s not really moved out of that range since. Softer US yields don’t help much when Bund yields are falling too.

Neither the long-term story (ECB heading towards policy normalization, EUR/USD heading to 1.30) or the short-term story (a tired rally) seems set to change,” SocGen argues.

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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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