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What is the outlook for EUR/USD into the start of 2021?

Here is their view, courtesy of eFXdata:

Nordea Research adopts a medium-term bullish bias on EUR/USD into the start of the year.

“We are about to enter the Year of the Ox, at least according to the Chinese Zodiac calendar. That is probably as Oxish (or Bullish) as it gets, and Chinese stimulus patterns still hint of an extraordinarily strong H1-2021, while we are a bit more in doubt about H2,” Nordea notes.

We accordingly remain upbeat on EUR/USD, EM FX and risk assets in general into the start of this year and we don’t really want to question this narrative until the recovery is strong enough for both fiscal and monetary administrations to consider removing the foot from the QE/stimulus-pedal,” Nordea adds.

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