The Euro has been treading water above the 1.2450 level as oscillations in risk sentiment turn price action choppy. However, EURUSD remains substantially overvalued – indeed, the single currency is now the most expensive against the dollar among its major counterparts when compared to its “fair” exchange rate. The broad-based fundamental bias supports a bearish scenario, adding to downward pressure and suggesting that EURUSD has scope to make substantial inroads into the value differential in the period ahead.
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