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Euro setting new lows
EUR/USD may well have moved into heavily oversold territory, but the start of the ECB’s QE scheme has triggered weakness for the euro as the bond buying scheme aims to kick the eurozone’s recovery into gear. This scheme is expected to run until the fourth quarter of 2016, but the phraseology that has been used by Mario Draghi has not just hinted but almost stated that this is not necessarily an end date for the scheme.
EUR/USD continues to set new 11-year lows and in the short term is showing no signs of resilience. At the beginning of the year a number of institutions called for EUR/USD parity before the end of the year. At this moment in time both the fundamental and technical outlook point towards that target being hit long before year end.