EUR/USD rallied and topped 1.20, staying there for quite a while. It now seems that it is finding it hard to hold onto these levels. Is it on its way down? Here is the view from Credit Agricole:
Here is their view, courtesy of eFXnews:
Credit Agricole CIB FX Strategy Research discusses the EUR outlook and thinks that while the EUR is likely to remain generally resilient, it’s probably inching closer to a peak in the near-term.
“EUR increasingly looks like a currency where many positives have already been priced in. The single currency may thus struggle to embark on a fresh uptrend in the near term.
This could be partly driven by concerns that EUR has moved closer to the ECB’s ‘pain threshold’ again, ahead of the release of the central bank’s minutes next week,” CACIB argues.
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