How do large banks trade EUR/USD today?
EUR/USD pushed higher on Tuesday, recovering to 1.1530. The pair closed the day at 1.1470. How long will the EUR rally last? Here are the fresh forecasts from major banks.
NAB analysts expect the market to form a top in the 1.1540/1.1650 area. These levels existed when the ECB easing was announced, so it will likely render significant resistance. Resolution of the Greek debt problem will take considerable time, so more downside in EUR/USD is about to follow.
Analysts at RBS agree. Their advice is to sell the rallies from the 1.1580/1.1660 area with an initial target at 1.0650 and a stop at 1.1900.
BNP Paribas doesn’t expect the recovery to last. They sold EUR/USD from 1.1450 with a stop at 1.1620, and a target at 1.0800. Analysts expect the weekly resistance at 1.1490 to act strong.