EUR/USD: Upside could slowdown after strong gains in recent months – MUFG – by MSalordFX EURUSD Banks
pair has risen 1200 pips during the last three months. Analysts at MUFG Bank are worried that the balance of risks is no longer as favourable for further upside following the rally. They see the pair trading in the 1.0400 – 1.1300 range over the next weeks.“We are sticking to our bullish bias for the EUR/USD although are more wary now that the balance of risks is no longer as favourable for further upside following strong gains in recent months.
“There are a number of key downside risks to our bullish EUR bias in the month ahead including: i) thesignals it is more open to slowing the pace of hike at the March policy meeting ii) the recent resilience of the euro-zone economies proves to be misleading/short-lived and growth slows sharply with more of lag than expected, and iii) geopolitical tensions between the West and Russia escalate further after tanks are sent to support Ukraine which alongside a pickup in demand from China demand...
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