Deutsche Bank says it's take to take profits on the euro and become more cautious

The Wealth Advisor Contributor
August 20, 2020

Deutsche Bank advised clients to take profits on the rise in the euro vs. the dollar.

"We have been vocal EURUSD bulls since 1.10 and argued for an acceleration in dollar weakness as EURUSD reached 1.15 in July.

But with EURUSD having (nearly just) reached our 1.20 target earlier this week we now favor taking profit and see a more balanced outlook as we approach September," said strategist George Saravelos, who added he was not becoming a dollar bull and not arguing for a reversal.

There are signs that the euro move is maturing across both technical and macro metrics, he added.

This article originally appeared on MarketWatch.

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