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EUR/USD faces formidable resistance at 1.16 – Westpac

FXStreet (Edinburgh) - The pair upside in the pair could face strong barrier around 1.16 the figure, according to strategist at Westpac Richard Franulovich.

Key Quotes

“USD vulnerable but weak German data leaves EUR a poor choice to position for USD weakness”.

“The ZEW, German factory orders, IP, exports and imports for August all substantially missed expectations and the hit from Volkswagen has not even begun”.

“While recent weaker data has been brushed aside amid larger USD negatives, a weaker set of advance PMIs next week and a likely strong dovish tilt at Draghi’s press conference should prove to be more enduring negatives for EUR”.

“Diminishing Fed hike odds may well be the catalyst for Draghi to adopt stronger verbal commentary against EUR strength too”.

“Failing all that, the recent 1.16 spike highs should offer formidable resistance”.

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