EURUSD - Short Despite Rebound towards 1.11

21 thg 8, 2019

We currently see EURUSD continuing it's recent downtrend despite the currency pair rebounding above the resistance level at $1.10958 towards $1.11. We don't see EUR/USD consolidating at this level and rising further and expect it to drop towards YTD low at around 1.104 due to the Italian Political crisis and weakening Eurozone economy. However, more dovish than expected FED minutes and Powell's comments at Jackson Hole could lead to a further rebound in the currency pair but long term maintain our short view.