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Forex Flash: EUR/USD could retrace to 1.28 in 3m – Rabobank

The shared currency continues to reflect the lack of direction prevailing in the markets on Monday so far, as investors are factoring the last US Payrolls and Italy’s credit rating downgrade by Fitch.

“On the back of the better than expected US labour market data for February we have edged lower our 1 to 6 mth EUR/USD forecasts to reflect the market’s improved expectations for US growth and the resultant push higher in US treasury yields. We now expect that EUR/USD could dip moderately to the 1.28 area on a 3 mth view (from a previous forecast of 1.30)”, argued Jane Foley, Strategist at Rabobank.

However, the expert remarked that the cross would likely navigate between 1.29 and 1.32 in the shorter term.

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