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- EUR/USD set to plunge on a break below the 1.1860 mark – MUFG
EUR/USD set to plunge on a break below the 1.1860 mark – MUFG
FXStreet reports that economists at MUFG Bank discuss EUR/USD prospects.
“The next key support level is provided by the 200-day moving average which comes in at around 1.1860. The pair has not traded below the 200-day moving average since May of last year, and if broken would send a bearish signal that the correction lower so far this year is likely to extend further.”
“The stronger pushback from the ECB against rising long-term yields compared to the Fed and BoE which have adopted a more hands off approach has contributed in part to the sharp widening in yield spreads against the euro. The yield spread between the 10-year Treasury and German Bund has now fallen back to levels that were in place pre-pandemic at the start of last year.”
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