18 Jun 2015
EUR/USD upside appears limited – Westpac
FXStreet (Edinburgh) - Strategist at Westpac Richard Franulovich sees the current upside in EUR/USD losing impetus at current levels.
Key Quotes
“EUR continues to trade with a firm bias. EUR’s status as a funding currency and an already short market arguably keep the single currency stronger than one would assume in the face of elevated peripheral sovereign risks”.
“But likely weaker prelim June PMIs next week and close proximity of major resistance levels at 1.1390 and 1.1470 suggest the up move is likely to stall very soon”.
Key Quotes
“EUR continues to trade with a firm bias. EUR’s status as a funding currency and an already short market arguably keep the single currency stronger than one would assume in the face of elevated peripheral sovereign risks”.
“But likely weaker prelim June PMIs next week and close proximity of major resistance levels at 1.1390 and 1.1470 suggest the up move is likely to stall very soon”.