EUR/USD broke below 1.06 for the first time since mid-March. Economists at ING analyze the pair’s outlook.Falling world trade does not help.Not helping the Euro has been data released showing that world merchandise trade volumes fell another 0.6% month-on-month in July. As a relatively open economy, the Eurozone suffers from a declining trade environment, as does the Euro.
Without support from extreme under-valuation or existing heavy short positioning, the EUR/USD pair looks as though it could sink into the 1.0480/1.0510 support area.
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