13-Jul-22: EURUSD 1.0053
RECAP
In our last report (8-Jun-22, EURUSD @ 1.0707), our preferred view was to see a range of 1.08-1.05 followed by an eventual rise to 1.10/11 in the longer run. But we had also mentioned of an alternate view to see 1.02-1.01 on a break below 1.05/04. The alternate view has played out well as the Euro fell sharply breaking below 1.0349 on 5th July with increase in recession fears across the globe especially in Europe.
EXECUTIVE SUMMARY
Euro has fallen sharply and attempts to break below the crucial support at 1.00 and could possibly test 0.99/0.9750 before a bounce back to higher levels of 1.02 or higher is seen in the medium term. With recession fears and energy crisis in Europe downward pressure on Euro can continue for some more time.
Will Euro now manage to hold above parity or break lower to indicate further bearishness?
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