Tuesday, July 26, 2011

Wells Fargo: EUR/USD won’t rise above $1.47

The single currency rose today to the 3-week maximum versus the greenback at $1.4500.
Analysts at Wells Fargo Bank claim, however, that though they have become more positive on euro, they think that its advance is going to be limited as there’s evidence of the euro zone’s economic slowdown and remained uncertainty about the possibility of further contagion.  

According to the specialists, the pair EUR/USD has potential to gain during the next few weeks, but it will be capped by the June maximum in the $1.47 area.

The bank adds that commodity and emerging currencies may be the best performers in the longer term as the risks in Europe and United States ease down.

daily eurusd 11-29

Chart. Daily EUR/USD

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