Quarterly Outlook
Macro outlook: Trump 2.0: Can the US have its cake and eat it, too?
John J. Hardy
Global Head of Macro Strategy
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Technical Update - Dollar and Sterling stronger against Euro. Likely more to come. Here are the key levels
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EURUSD has broken below key support at around 1.0725 and is on course to test the next support at around 1.0665. A close below is likely to send EURUSD back down to April lows around 1.06.
Negative sentiment on RSI is supporting the bearish move, and EURUSD is required to close back above 1.0750 to demolish this.
Medium-term: From the weekly chart, we can see how EURUSD tried to get back above the lower rising trendline in the triangle-like pattern only to be rejected, and the downtrend seems to be resuming.
If EURUSD breaks below 1.06, a bearish trend has been established with potential down to 1.05–1.0450.
EURGBP is breaking the key support at 0.84. A daily close below is likely to push the pair lower to support at around 0.8345. A close below that level and EURGBP is looking at 0.8230–0.82 medium-term - see weekly chart.
Negative RSI sentiment on both daily and weekly charts is supporting the bearish scenario, i.e., massive sterling strengthening against the euro.
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