EUR Trading Outlook
The Euro (EUR) the Euro broke higher in late New York trade with new trend highs in Asia above 1.3600. The market is overbought but the trend is strong and there seems to be little concern from the European officials at the recent rise across the board for the Euro.
The Euro (EUR) the EUR/USD broke above 1.3500 going into London and quickly climbed to fresh trend highs above 1.3570 before consolidating for the rest of the session. The FOMC turned out to be a nonevent but with the USD weak after the GDP miss we expect the EUR/USD remain supported on the differencing monetary policy outlooks.
The Euro (EUR) the EUR/USD stalled at 1.3500 unable to break above the key psychological resistance and letting other currencies play catch up. EUR/GBP fell back to lower 0.8500 region as the GBP/USD bounced but the uptrend is still strong and if the EUR/USD break 1.3500 we may see all the Euro crosses surge higher.
The Euro (EUR) the EUR/USD topped out at 1.3480 for a short term double top and we spent the rest of the day consolidating in a 50pip range. A lot of the movement came through EUR/JPY attempted Y123 in Asian morning Monday but was rejected and we fell back to Y122 which is supporting so far.
The Euro (EUR) The Euro dominated other currencies on Friday with the single currency cementing its place as the strongest of the G7. EUR/JPY surged to Y122.50 and EUR/CHF to 1.2500 with both the Japanese and Swiss both heavily intervening in there FX markets. The ECB and EU have not been talking down the Euro although they note the recent strength.
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