EUR/USD: Technicals limit upside potential — Nordea

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The EUR/USD it falls back below 1.0400 at the end of the week. Nordea’s economists they believe that the pair has limited upside potential.

Investors are in favor of a rise in EUR/USD

“We believe that the EUR/USD It will be in a limit range in the next few weeks.”

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“Looking at the technicals, it looks like the EUR/USD rallies are limited as the cross has rallied close to the 200 Day SMA which is a solid resistance level. Also, the 14 Relative Strength Index days is close to 70, a level that suggests the dollar is oversold against the euro.”

“From a fundamental perspective, the two-year euro-dollar interest rate differentials favor a lower EUR/USD, while investors position themselves for a higher EUR/USD.”

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Source: Fx Street

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