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Jul 15 - 05:55 AM

EUR/USD - Resilience Of EUR/USD Support Is Curious

By Jeremy Boulton  —  Jul 15 - 03:35 AM
  • EUR/USD has run into a lot of support ahead of, and just below parity

  • Barriers partly responsible and 0.9952 EBS low suggests another at 0.9950

  • EUR/USD support may be due SNB intervention to prop EUR/CHF nL1N2YU0MA

  • Buying is counter to bearish techs and sharply widening rate differentials

  • There are far fewer options below parity than above it

  • Economists think pair rises and speculators have few short positions

  • Unusual support may be due timely eurozone reserve operations nL1N2YW0D9

  • No potential support likely to endure as long the major factors weighing

  • It may prove wise to use strength to position for deeper drop nL1N2YV0EN


Source:
Refinitiv IFR Research/Market Commentary

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