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Aug 28 - 12:12 PM
EUR/USD - COMMENT-EUR/USD Threatens Return To 2019 Lows
First appeared on eFXplus on Aug 28 - 10:10 AM

EUR/USD is down only marginally on the day -- trading in a narrow 24-pip range -- but it's hit a third successive lower low and increasingly threatening a run at the August 23 low of 1.1051.
The Euro has been trapped within it 1.1051-1.1170 range since August 15 as global events outside of Europe have seen the euro take on a safe haven role.
But its failure to overcome resistance by 1.1170 on Monday may lead the thinly staffed trading desks inclined to push below support by Aug.
23's 1.1051 low and the Aug.
1, 2019 low at 1.1027, eyeing a run at big-figure support and option barriers by 1.1000 .
With Gamma light sub-1.10 a break below puts May 2017 lows at 1.0923 and April 2017 lows at 1.0821 in view.
Focus is slowly returning to the ECB easing and expectations that it will cut rates at the Sept. 18 meeting and three more times by December 2020 ECBWATCH.
For EUR/USD, the softer Trump-China trade tones remove some need for EUR/USD to act as a haven, which should free the pair to react more to fundamentals of weak growth, inflation and Brexit.

EUR Chart: Click here

Refinitiv IFR Research/Market Commentary


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