BTMU FX Strategy Research predicts the EUR/USD rate could break the 1.20 level by September.
According to BTMU, political uncertainty in the US is weighing heavily on the USD, with a potential break below key technical support possible.
In particular, BTMU argues that future USD weakness is likely to prove deeper and more prolonged than widely assumed citing the Trump administration’s failure to pass healthcare reform as highlighting legislative gridlock.
With forthcoming budget negotiations due to begin, BTMU argues the impact on the dollar could result in a dollar sell-off of over 3%.
“We see no evidence that the tide is going to turn over the short to medium term. There’s plenty of scope for further weakness and the dollar is still materially overvalued,“ BTMU concludes.
Source: BTMU Research
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