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In the view of the analysts at Nordea Markets, EUR/USD is likely to be sold on rallies to 1.1000, with a downside target placed at 1.0760.

Key Quotes:

“Go short EUR/USD, with 1.0760 and a stop loss at 1.1100.

Reasons cited:

Global slowdown not over.

New record lows in 5y5y EUR inflation could re-ignite ECN monetary madness via a higher monthly purchase tempo in the QE-ternity (nice term) program in December.

USD liquidity will probably have to become scarce before the Fed really goes big on liquidity.”