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Aug 12 - 02:55 PM

EUR/USD: Likely To Struggle To Get Back Above 1.1780/1.1810 Area - ING

By eFXdata  —  Aug 12 - 01:30 PM

ING Research discusses EUR/USD outlook and maintains a tactical bearish bias around current levels.

"The US CPI release allowed EUR/USD to bounce off the range low at 1.1700/1710 - but there does not seem a case for a strong rally. As above, there still seems interest to take advantage of the low volatility environment with carry trades - and EUR funding looks attractive. Indeed, the biggest chance for the EUR to rally over coming months will probably come through an asset market correction and a large position unwind," ING notes. 

"Whilst conditions stay quite benign, EUR/USD may struggle to get back above the 1.1780/1810 area now and remains vulnerable to a broader number of Fed members making the case for early (and perhaps shortened) tapering," ING adds. 

Source:
ING Research/Market Commentary

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