EUR/USD to plummet towards 1.17 on failure at 1.19 – SocGen

EUR/USD languished in a tight range with topside capped at 1.1900. Economists at Société Générale see the pair struggling to build upside momentum. 

See – EUR/USD needs to regain the 1.2010/15 area to reassert upside potential – Commerzbank

Upbeat comments by Fed Vice-Chair Richard Clarida

“Profit taking emerged as UST/Bund spreads widened following Clarida’s hawkish remarks. ECB member Kazaks was dovish, stating that September is too soon to update PEPP guidance.”

“EUR/USD has bounced after testing projections at 1.1750/1.1745 however upside momentum doesn’t seem to build up as the pair maintains below short-term Moving Averages.”

“Failure to cross 1.1900 can result in resumption of down move towards March low of 1.1700.”