While USD weakness continued for most of last week, an upside surprise in US non-farm payrolls data as well as an easing in risk sentiment as another round of US economic stimulus looked in doubt saw the USD recover some losses late last week. The FAST FX model still lost -0.19% last week being short EUR/USD and is up 12.20% over the past year with a hit rate of 64%.
The model judges that EUR/USD is still overvalued and has entered another short EUR/USD position with a stop-loss of -1.71% and a take-profit level of 1.1492. The FAST FX model estimates EUR/USD’s fair value is currently 1.1492, which is significantly higher than the previous week’s estimate of 1.1318. US retail sales and the progress of negotiations on another round of US stimulus will be important for the outcome of this trade.
The model judges that EUR/USD is still overvalued and has entered another short EUR/USD position with a stop-loss of -1.71% and a take-profit level of 1.1492. The FAST FX model estimates EUR/USD’s fair value is currently 1.1492, which is significantly higher than the previous week’s estimate of 1.1318. US retail sales and the progress of negotiations on another round of US stimulus will be important for the outcome of this trade.
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