EUR/USD is already at levels last seen between May and September 2018, with last week’s dire US GDP data for the second quarter and President Donald Trump’s “delay the election” tweet adding to the reasons to stay well clear of the us dollar
#TradeNotes# The key question therefore – after when a retracement will come – is just how high EUR/USD could go.
One answer is the area around 1.23, where it traded between late January and mid-April 2018. For sure that’s a long way away but is still a reasonable target for later this year – perhaps after the usual August lull.
Looking to the week ahead, there is little Eurozone data to move the markets, with only the final manufacturing and services PMIs for the region in July due on Monday and Wednesday respectively. Once again, therefore, it will likely be the USD side of the equation that drives EUR/USD – with Friday’s non-farm payrolls data the pick of the week’s economic statistics.
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