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Sep 23 - 05:55 AM

EUR/USD - Next EUR/USD Target Is 0.9500 But Drop Could Be Much Deeper

By Jeremy Boulton  —  Sep 23 - 03:40 AM
  • EUR/USD has exceeded tech targets around 0.9800 reaching 0.9770 EBS

  • Next targets are 0.9575 (daily) 0.9485 (weekly) and 0.9499 (monthly)

  • While EUR/USD has plummeted due Fed policy traders reluctant to sell

  • Short positions have never been large and were slashed after ECB hiked

  • Traders ill-prepared for the decline that has subsequently extended

  • Without the restraint of a large short EUR/USD could fall far

  • Targets between 0.8500-0.9000 could be met before Fed stops hiking

  • Emerging market currencies reach decisive point nL1N30U09B



Source:
Refinitiv IFR Research/Market Commentary

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