The EUR/USD pair is currently trading in a range of 1.00-1.04. If there is a trigger that catapults the pair out of the range, this breakout will most likely be to the downside.in the opinion of the economists of Commerzbank.
Few reasons why EUR/USD should break out of the current 1.00-1.04 range
“There is currently little reason why EUR/USD should break out of its current 1.00-1.04 range, as there is no fundamentally new information at this time that could lead to a significant change in the Fed’s monetary policy course. or the ECB. But at the same time, the risks for the euro are on the downside.”
“If Purchasing Managers’ Indices show sharp declines in upcoming releaseswhich increases the probability of a recession in the eurozone, the market could quickly drop the euro like a hot potato and push the EUR/USD below parity.”
Source: Fx Street
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