USD strength widens. The economists of Swiss credit they hope that the pair EUR / USD to move lower next year, falling to 1.1019 / 02 and even lower.
“We maintain our view on further EUR / USD weakness, but with our basic target remaining at 1.1019 / 02, the 78.6% Fib retracement of the 2020/2021 uptrend and the neckline for the April base. / May 2020 and now also the long-term uptrend since 2000. We are still waiting for this to ideally maintain what we think could be a long side phase. “
The EUR Effective Exchange Rate (ECB) is currently consolidating at a key support in the 38.2% retracement of the entire 2015/2020 uptrend, but if it were to break conclusively it would suggest that the EUR may weaken. further in its own right until testing its 2020 low at 94.88, a 2.3% decline from current levels. This alone would be enough to push EUR / USD down to 1.1019 / 02, but if the USD continues to strengthen in tandem this would suggest that the broader risk would be a move below 1.1000 after a consolidation phase, and a dip to the potential trend support at 1.0800. “
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