Home EUR/USD: Tech Support At 1.1200 & 1.1000 Likely To Be Tested Before Year-End – MUFG
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EUR/USD: Tech Support At 1.1200 & 1.1000 Likely To Be Tested Before Year-End – MUFG

EUR/USD moved up and down on Brexit and other news. Where next?

Here is their view, courtesy of eFXdata:

MUFG Research discusses EUR/USD outlook and  flags a scope for testing key technical support levels at 1.1200 and 1.1000 before year-end.

“We doubt that downward pressure on the euro will ease soon unless there is a sharper sell off in global risk assets which could trigger a temporary shake-up of current short euro positioning. Fundamental pressures remain negative for the euro in the near-term. There appears little chance that Italy’s re-submitted budget will materially ease tensions with the EU,” MUFG argues.

In these circumstances, market sentiment towards the euro is likely to remain negative in the near-term.  The next key technical support for EUR/USD levels come in at 1.1200 and 1.1000 and are likely to be tested before year end,” MUFG adds.

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Yohay Elam

Yohay Elam

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 a 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.