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EUR/USD Downtick Extends, Working in Favour of Parity Calls

FOREX
  • The downtick in EUR/USD has extended Wednesday, with the pair touching new multi-decade lows and feeding directly into recent calls for parity in the pair. This put EUR/USD through first support at 1.0233, the 1.382 proj of Feb 10 - Mar 7 - 31 price swing and now exposes 1.0200 - not just psychological support but also the 1.00 projection of the Jun 9 - 15 - 27 price swing.
  • Following yesterday's crushing rally in the USD Index, price action has moderated somewhat, but the greenback still holds the vast majority of the Tuesday gains.
  • JPY is the outperformer of the day, with the risk-off hangover persisting despite the equity bounce in the US afternoon yesterday. This puts EUR/JPY well through the 50-dma at 139.00 and opens a the mid-June lows of 137.85 for direction.
  • Pressure on energy prices has persisted for a second session, with WTI and Brent futures again under pressure ahead of the NY crossover. This works further against the NOK, which remains one of the poorest performers of the week.
  • Focus turns to the ISM Services Index for June, with markets watching for any clues ahead of Friday's jobs report - particularly in the absence of the ADP Employment Change report, which has been discontinued this month while the methodology is being reassessed.
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