Citi on the euro, expanding on the headline above:
- EURUSD price action here is increasingly looking similar to that seen before the correction lower from 1.1422 to 1.1168 in June.
- This may suggest a danger of a deeper correction in the coming days (possibly as far as 1.1475-1.1530).
- Upside for the pair includes 1.1934 and 1.2000, a break of which would open the way towards even higher levels of 1.24-1.25 by September.