EUR/USD: Bounce Could Hit 1.08 But A Decisive Break Above 1.08-1.09 Not Expected – NAB

The EUR has been holding its own in the face of Fed-speak-inspired USD gains, thanks to a re-pricing of ECB policy following last week’s meeting, notes NAB Markets Research.

"We’d now need to see a combination of further ECB re-pricing alongside a further significant improvement in second-round polling predictions for French Independent candidate Macron in order pull EUR/USD as high as 1.08," NAB argues.

However, NAB doesn't expect a decisive break up through the 1.08-1.09 resistance area arguing that this would likely require a renewed weakening in the USD’s part.

Source: NAB ResearchOriginal Article