EUR/USD break out; 3 reasons for further upside - Citi

Author: Adam Button | Category: News

EUR/USD up 43-pips to 1.2025 today

EUR/USD up 43-pips to 1.2025 today

Citi discusses EUR/USD outlook and flags a scope for further upside over the coming weeks.

"EURUSD is breaking out, trading through 1.20. We failed to break this level last week, but let's see if we get a daily close above the pivotal horizontal resistance at 1.2011, which is the September 2020 high flagged by CitiFX Technicals. The 100d MA lies ahead of 1.2058," Citi notes.

"CitiFX Strategy see further EURUSD upside over time as i) US rates vol seems capped for now, ii) investors are increasing share of USD funding and iii) vaccination started to accelerate in the Europe. Full thoughts here: EUR driven by US rates," Citi adds.

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