Ella 
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Yesterday we thought “the euro could test 1.1045 before the risk of a more sustained pullback increases.” Contrary to a test of 1.1045, the euro fluctuated slightly between 1.0864-1.1017 and closed flat at 1.1002 (-0.07%). The current market appears to be part of a consolidation. The euro may trade between 1.0960-1.1035 today.
Next 1-3 weeks: Our view is the same as yesterday (August 7, market price 1.1000). As we have highlighted, the euro’s recent decline has stabilized. For the time being, the euro may trade in the range of 1.0920-1.1100.
