Analysts at MUFG Bank, consider a short-term tactical trade idea to reflect the increasing risk of a correction lower for the EUR/USD in the near-term. They see a target at 1.1600 and a stop loss at 1.1950. Key Quotes: “EUR/USD has surged higher by almost 7% since June. It has resulted in the USD becoming heavily oversold thereby increasing the risk of a correction lower. The sharpening sell off in the Turkish lira over the past week could provide the catalyst to trigger a correction lower for the EUR. The euro underperformed during the lira currency crisis in 2018 which highlights downside risks going forward if history is repeated.” “There is building concern over the renewed spread of COVID-19 in Europe which could take some shine away from the EUR.” “We are wary though of the risks that the USD could remain under selling pressure ahead of Jackson Hole later this month so have set a tight stop. For those still concerned by further USD selling, a short EUR/JPY position could offer more attractive risk reward.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US House Speaker Pelosi: White House rejected offered to reduce aid package by $1 trillion FX Street 2 years Analysts at MUFG Bank, consider a short-term tactical trade idea to reflect the increasing risk of a correction lower for the EUR/USD in the near-term. They see a target at 1.1600 and a stop loss at 1.1950. Key Quotes: “EUR/USD has surged higher by almost 7% since June. It has resulted in the USD becoming heavily oversold thereby increasing the risk of a correction lower. The sharpening sell off in the Turkish lira over the past week could provide the catalyst to trigger a correction lower for the EUR. The euro underperformed during the lira currency crisis in 2018 which… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
