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- EUR/USD: Very cheap & oversold; looking for a rally through 1.15 - Credit Agricole
EUR/USD: Very cheap & oversold; looking for a rally through 1.15 - Credit Agricole
Credit Agricole Research discusses EUR/USD outlook and adopts a bullish bias going into next year, expressing that via recommending a long options exposure.
"EUR/USD should appreciate going into 2020 for two reasons. We expect the US outlook to deteriorate on the back of persistent weakness in investment activity because of recurring trade war headwinds and intensifying political risks ahead of the US presidential election. At the same time, we expect a cautious consolidation in the Eurozone on the back of the ECB’s aggressive easing measures in September and the abatement of Brexit risks. This could lead to some unwinding of EUR-funded USD carry trades and propel EUR/USD closer to the highs of its 2019 trading range around 1.1500. Our long-term valuation models and positioning data analysis further suggest that EUR/USD is very cheap and looking oversold," CACIB adds.
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