It is a perfect storm for EUR/USD. It has dropped 9.7% or 12 big figures since the start of January and at this rate could be trading below parity in Q2. Sovereign debt purchases by the ECB and a realignment to the upsid…
It is a perfect storm for EUR/USD. It has dropped 9.7% or 12 big figures since the start of January and at this rate could be trading below parity in Q2.
Sovereign debt purchases by the ECB and a realignment to the upside of market expectations with the Fed's own forecast of the Fed funds rate in the period ahead may keep selling pressure intact and EUR/USD destined for parity.
Societe Generale notes in a report on Monday:
The 1.0765 and 1.05 technical areas are key intermediate levels of support to watch in the coming weeks.
Though long USD speculative position are already stretched, the downtrend may not change very soon if the noose continues to tighten around Greece's neck
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