FXStreet (Edinburgh) – According to strategists at Westpac, the perspective for the pair remains bullish while above the 1.0819 level.
Key Quotes
“EUR remains reasonably well supported as Greek tail risks surge, its use as a funding currency for carry trades likely a culprit”.
“But make no mistake, with US data trends breaking more conclusively to the stronger side while EZ data of late (June German IFO and ZEW, April IP) breaking to the weaker side and Greece delivering a growth-damaging confidence shock to the region, EUR feels thoroughly odious”.
“Matter of time before EUR breaks more conclusively below 1.10”.
“Recent decline has triggered a mild negative bias but is only corrective. Multi-week uptrend structure remains in play while the last low of 1.0819 holds”.
(Market News Provided by FXstreet)