• Pair remains under bearish pressure
• After a successful break of the previous support level at 1.0340, parity level was reached
• Levels sub parity exposed as fundamentals still point to the downside
• A clear break of parity level exposes 0.96 figure
• The latter served as a support back in 2022 where the pair bottomed before starting a massive rally
• Will the 2002 scenario repeat itself in 2022 ?
• If that is the case, the next range would be 0.96-1.03
• Bulls need to bring the pair back above the 1.0340 level to turn the odds in their favor
• FED-ECB policy divergence is still in play as markets are now pricing in a 100 bps move at the next FOMC meeting.
• After a successful break of the previous support level at 1.0340, parity level was reached
• Levels sub parity exposed as fundamentals still point to the downside
• A clear break of parity level exposes 0.96 figure
• The latter served as a support back in 2022 where the pair bottomed before starting a massive rally
• Will the 2002 scenario repeat itself in 2022 ?
• If that is the case, the next range would be 0.96-1.03
• Bulls need to bring the pair back above the 1.0340 level to turn the odds in their favor
• FED-ECB policy divergence is still in play as markets are now pricing in a 100 bps move at the next FOMC meeting.
Ramzi Abou Abdallah, CFTe, CMT
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