TD FX Strategy Research remains structural EUR bulls and looks for a washout in positioning to offer better chances to get long the EUR/USD.
“For now, the EUR is still tracking as the most expensive G10 currency on our HFFV estimates.
Downside risks are likely to intensify ahead of Jackson Hole, where Draghi might pour a bit more cold water on the EUR rally,” TD adds.
Still, EUR is trading about 3% from HFFV so we would look to buy into dips near 1.14 ahead of the German elections next month,“ TD advises.
Source: TD Securities Research
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