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- EUR/USD: The risk is of a short squeeze all the way to 1.0135 – ING
EUR/USD: The risk is of a short squeeze all the way to 1.0135 – ING
EUR/USD is enjoying the slightly softer dollar environment and re-challenging parity. Economists at ING note that the pair could test 1.0135.
German IFO and ECB minutes in focus
“1.0015/20 looks key intra-day resistance. Above there, the risk is of a short squeeze all the way to 1.0135. Determining whether we get that short squeeze today will be the US data, the August German IFO, and the release of the minutes of the July ECB minutes in which it hiked 50 bps.”
“Notably, yield spreads have been moving in favour of EUR/USD this week. Conditions could be ripe for a short squeeze. But major challenges from the gas crisis and the Fed remaining hawkish suggest EUR/USD rallies may stall in the 1.01/1.02 area this month.”
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