EUR/USD has edged up but is not going anywhere fast. What’s next?
Here is their view, courtesy of eFXdata:
Goldman Sachs discusses EUR/USD technical outlook and highlights increasing risk that a 1-2 month low is now in place with 1.1780 as the next important level to watch on the upside.
“Similar to the DXY, EURUSD also met/held its minimum target for the 5th wave at 1.1346…If this truly is a corrective process, there’s scope to continue on towards 38.2% at 1.1780.
Keeping in mind that corrections tend to be messy, overlapping and difficult. Although it might top near 1.1780, it doesn’t necessarily mean that it’s immediately ready to resume the underlying trend,†GS argues.
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