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Dec 22 - 10:55 AM

EUR/USD: Can We See 1.40 In 2021? - Citi

By eFXdata  —  Dec 22 - 10:00 AM

CitiFX Technicals discusses EUR/USD long-term outlook and flags a scope for a move into 1.40 in 2021.

"A 3 rd bullish outside year (Potentially) in the history of floating exchange rates will come on a yearly close above 1.1570. This also comes off long-term trend line support from 1985," Citi notes. 

"Yearly momentum is turning up and crossing over from levels only seen twice before- 1986, 17 years later in 2003 and 17 years later in 2020. The only time that has seen both a bullish outside year and cross up in yearly momentum from at or below levels of 20% was 1985-1986 which led to a 3 year low to high move of over 105%. The 2002-2004 move was a mere 60%," Citi adds. 

Source:
Citi Research/Market Commentary

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