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Apr 27 - 09:55 AM

EUR/USD: Talk Of EUR/USD Breaching Parity No Longer A Tall Order - MUFG

By eFXdata  —  Apr 27 - 09:00 AM

MUFG Research discusses EUR/USD outlook and now flags the scope for the pair to reach parity over the coming weeks. 

"Yesterday’s price action in EUR/USD saw a breach of the covid pandemic low of 1.0636 with the next downside target the early 2017 low of 1.0341. The long-term trendline support from the lows in 2000 and 2001 and in 2020 has also now been breached with the technical backdrop reinforcing the negative fundamental backdrop," MUFG notes. 

"Talk of EUR/USD reaching and possibly breaching parity even just a few weeks ago seemed a tall order but the declines now on this potentially damaging development means such a scenario is no longer such a tall order," MUFG adds. 

Source:
MUFG Research/Market Commentary

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