13 February 2020
by Rob Zdravevski
The EUR/USD, currently trading at 1.0877 is set to trade down to 1.0771, which may be seen as a “back and fill” of the “gap up” it made in April 2017.
Trading above 1.12 would be a good start for it to move higher, though spending a couple weeks above 1.17 would be required for the EUR to break from the decade long downtrend channel.
In the meantime, a break below 1.0771 lends itself to testing the 1.0450 support level.
If it doesn’t hold 1.0450, then “look out below”.
At current levels and subsequently lower, the Euro’s weakness is making European assets and businesses cheap.
Well, at least on a USD basis.
Taking your USD and buying shares in some quality multinational European businesses isn’t the worst suggestion in today’s global capital markets.