EUR/USD has probably bottomed out – Danske Bank

Jakob Christensen, Chief Analyst at Danske Bank, hinted at the possibility that spot could have carved a base at recent lows.

Key Quotes

“EUR/USD edged higher yesterday after dipping briefly below the 1.17 mark and we believe the cross is bottoming out here”.

“At least, it will in our view require a very strong payroll report this Friday to take the cross much lower given that some EUR/USD longs are likely to been liquidated over the past week”.

“Janet Yellen, due to speak today, is unlikely to change much for USD, i.e. we are still waiting for Trump’s Fed chair announcement”.