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- EUR/USD: May hit 1.20 first if not correcting in August - SocGen
EUR/USD: May hit 1.20 first if not correcting in August - SocGen
eFXdata reports that Societe Generale Research discusses EUR/USD outlook and flags a scope for EUR/USD hitting 1.20 if not seen a correction in the near-term.
"Gold has stalled but it usually enjoys August. But so does the dollar and if we get end-July dollar buying, that could increase the short-covering pressure. As noted before, if EUR/USD doesn't correct in August, not sure if it will before getting to 1.20," SocGen notes.
"The long-term bullish case is enhanced by the sense that Europe is weathering the pandemic better, but new European lockdowns would change that and in any case, it has simply risen too fast. The 14-Day EUR/USD RSI has spiked above 70 for the third time in 5 months, after not doing so since early 2018. If nothing else, that represents a speed-bump, particularly if we get positive noises from Washington and a further Treasury sell-off," SocGen adds.
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