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Euro in recent days gained massive against Dollar. The reasons Euro was up could reverse going ahead pushing single currency down
- Massive risk aversion led to rapid unwinding of Euro based carry trades, which boosted the single currency to trade as high as 1.172 against Dollar. This trend could see some reversion as risk aversion fades slowly.
- Recent rise in volatility and stock market turmoil has pushed FED rate hike bets away from September. If financial market is able to find its groove back Dollar is likely to rise once again as FOMC come into focus.
- Actions of rate cuts and reserve requirement cuts are likely to fuel risk on theme leading to the above two.
Trade idea
- Euro is currently trading at 1.148 against Dollar. Sell Euro against Dollar targeting 1.12 as initial target, though downfall might extend towards 1.118 area. Resistance lies around 1.163 zone.
