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EUR/USD: 1.15-1.21 range to remain in place - Danske Bank

According to analysts from Danske Bank, the market reaction to the European Central Bank meeting was muted and they point out that EUR/USD could quickly drop back to 1.16 if trade negotiations go bad. 

Key Quotes: 

“EUR/USD did not see a shake-up with the cross (after ECB meeting). Over the past few months, we have argued that EUR/USD should be regarded as a range play with near-term downside risks due to the rising importance of carry and the risk of an escalating trade war.”

“Trade war risk now seems diminished even if yesterday’s Donald Trump/Jean-Claude Juncker announcement should at this point be regarded as little more than a ‘semi-truce’. From a technical perspective, e.g. resistance levels, channels and moving averages, EUR/USD faces headwinds, meaning that any negative turnaround in the trade negotiations could quickly return the cross towards 1.16.”

“On a 6M horizon, we expect the cross to be a 1.15-1.21 range play, as we need to move closer to the ECB’s first rate hike before the cross can return to the high 1.20s. We forecast the cross at 1.25 in 12M.”

EUR/GBP Technical Analysis: EUR/GBP reaches 0.8870 support

EUR/GBP 15-minute chart  Spot rate:                0.8883 Relative change:     -0.09%      High:                       0.8897 Low:              
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WTI marches higher toward $70 as supply concerns return

After retracing a big portion of this week's gains and testing the $69 handle, the barrel of West Texas Intermediate gathered strength and reached a f
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