EUR/USD: Further upside ahead – Nordea Bank

The euro has accelerated its rally on Wednesday, boosted by the ECB’s pledge to step up its coronavirus emergence stimulus and the FX analysis team at Nordea Bank expect this trend to continue in the near future.

Key quotes

“The tail is probably heavy on the high side for the EUR/USD (>1.20) outcome space, but compared to e.g. SEK, NOK and AUD, it could be argued that the EUR needs to catch up a bit just to reflect the post “peak corona fear” world.”

“We go long EUR/USD with a target of 1.1670 and an S/L of 1.0780.”