This week the Federal Reserve surprised financial markets by stepping up the scale of its quantitative easing (QE). The reaction in the FX market was profound and the dollar weakened on a broad base. Short term we expect the USD to slide further, at least as long as risk appetite remains in the market, and we see a high probability that EUR/USD will break above 1.40. However, from a short-term technical perspective EUR/USD looks overbought, and the risk of a consolidation is high.
Niels-Henrik Bjørn Sørensen, Senior Analyst, Danske BankFull Article
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