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EUR/USD faces strong barrier at 1.16 – Westpac

FXStreet (Edinburgh) - In the opinion of strategists at Westpac, the pair’s upside could face strong resistance in the 1.16 neighbourhood.

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 missing 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 catalyst 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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