#EURUSD @ 1.08999 : 1.10 seen as the top of a multi-month trading range – ING
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EUR/USD is at the highs of the year above 1.09. But in the view of economists at ING, the pair is unlikely to trade above the 1.10 level.
“Investors may struggle to push EUR/USD through the 1.0950/1000 area ahead of next week’s FOMC/ECB risk events – though it looks like EUR/USD will stay bid.”
“One note of caution to the EUR/USD really, however, is that the EUR/USD risk reversal – the price investors pay for a euro call over a similar euro put option – is no longer shifting away from euro puts and in favour of euro calls. Perhaps this is a function of where the EUR/USD spot is. Yet this could suggest that investors and corporates see 1.10 as the top of a multi-month trading range.”
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