Here's a forecast for EUR/USD lower - target

Author: Eamonn Sheridan | Category: News

A snippet via MUFG on the euro - they are expecting the weakness to persist.

Main points from the note:
  • Recent price action for the EUR has been poor as it has failed to derive much support from both an improvement in the economic data flow from the euro-zone and an easing of downside risks to the growth outlook
  • Last month's relief rally on the back of progress towards a partial US-China trade deal and the pushing back No Deal Brexit risk has proven short-lived
  • EUR/USD failed to break above its 200- day moving at 1.1180 and has since fallen back below the 1.1000-level
  • The next target on the downside will be the early October low at 1.0879

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