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Jan 05 - 12:55 PM

EUR/USD: Follow The Momentum In January; Spot Likely To Top Between Q1 & Q2 - Danske

By eFXdata  —  Jan 05 - 11:00 AM

Danske Research discusses EUR/USD outlook and maintains a medium-term short exposure via a seagull for longer tenors (6-12M).

"This is a low-beta trade with a fully capped worst case. The Chinese tightening cycle seems to be playing out and we think this will aid in seeing a top in spot between Q1 and Q2," Danske notes. 

"Going into January, we would, however, simply follow the momentum and also see the Fed, Brexit and global macro/vaccines as being supportive of EUR/USD at current or higher levels. This is well in line with our expectation prior to taking on the trade and our 1M forecast at 1.24," Danske adds. 

Source:
Danske Research/Market Commentary

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