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Nov 29 - 06:55 PM

EUR/USD: Oversold Bounce; Likely Tracking Out A 1.1220-1.1320 Range N-Term - ING

By eFXdata  —  Nov 29 - 03:00 PM

ING Research sees EUR/USD in 1.1220-1.1320 range in the very near-term.

"After continuing losses through November, EUR/USD had been looking oversold last Thursday and Omicron proved the catalyst for an oversold bounce. The reversal of euro-funded carry trades (e.g. short EUR/RUB has been a popular trade) has no doubt played a role in the EUR/USD rally and the calming of global risk appetite will no doubt have a say in how long this period of EUR/USD consolidation lasts," ING notes. 

"For the time being, we would see EUR/USD tracing out a 1.1220- 1.1320 range. Into December we had felt that a slowdown/reversal of USD funding demand for year-end balance sheet purposes could see the dollar correct weaker and uncertainty about Omicron may now also slow some of the dollar buying on the Fed normalisation story," ING adds. 

Source:
ING Research/Market Commentary

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