The Euro rose after the President of Catalonia Carles Pujdeme postponed the Declaration of independence. EUR/USD is trading higher 0.1% to 1,1822, after it reached a two-week high on 1,1834.
According to ING, this step is considered “as a conciliatory gesture”. The Bank described the Euro as “mediocre”, calling it “just the beginning” two-week opportunity to strengthen the Euro before the October meeting of the European Central Bank.
However, other analysts warn that the Euro’s rise may stall when later by the Prime Minister of Spain, Mariano Rajoy.
ING prefer long positions on the Euro with a short term target level of 1.20 for the pair EUR/USD 135 for the pair EUR/JPY and 1.17 in EUR/CHF.
Information-analytical Department Forex club