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Jul 21 - 10:55 AM

EUR/USD: Many Negatives In The Price But Can Drop To 0.96 Before Reaching Extreme Levels - Credit Agricole

By eFXdata  —  Jul 21 - 10:22 AM

Credit Agricole CIB Research sees a scope for EUR/USD to drop towards 0.96 before bottoming.

"Our analysis suggests that while many negatives are in the price of EUR/USD at present, the recent FX spot moves can continue before the undervaluation reaches extreme levels," CACIB notes. 

"Indeed, a drop of EUR/USD to 0.96 that is its simulated FAST FX fair value discussed previously would represent a 15% undervaluation from the simulated VALFeX fair value. Subsequently, we continue to see clear downside risks to our constructive long-term forecasts for the pair," CACIB adds.

Source:
Crédit Agricole Research/Market Commentary

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