EUR/USD May Continue Down Below 1.07
Just about a week ago, I assumed that the path of the single currency beyond 1.0700-1.0950 range against the Greenback was an unlikely scenario, while range trading strategies would be preferable soon after a period of short selling activity in EUR/USD. In the light of newly discovered circumstances, I have to revise my previous opinion.
Still elevated U.S. Treasury yields, combined with weaker-than-expected service segment data from Europe vs strong similar indications from the United States, are making the U.S. Dollar more attractive for investors, while the safe haven role of the U.S. bonds may be increasingly popular as well due to the decline on Wall Street. The decline of Apple stocks prices led the S&P 500 index to lower levels. Capital outflows from the Euro to the Dollar could be extended to zipping further down below the 1.07 technical support.
Such a move may continue in the new week. And it this seems to be a basic scenario, whereas further steps would depend on the development in the fundamental environment, including some long-awaited inflationary reports and corporate news.
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