FXStreet (Guatemala) - Following the ECB showdown and China's cut, analysts at TD Securities explained that they think the market’s attention will soon revert back to a focus on USD fundamentals.
Key Quotes:
"There, the near-term picture remains mixed at best, in our view. Unless we see a rapid and conclusive firming in US and global growth data that puts a rate hike back on the agenda for the December FOMC meeting, EUR/USD may find it difficult to sustain further rapid declines from here. In keeping with our end-2015 forecast of 1.10, our base case sees spot remaining within the 1.08-1.11 range over the next several weeks."
"A close below crucial support at 1.0809 would herald a move lower, including a potential re-test of the March lows. Ultimately, however, we think sustained weakness here needs to be supported by USD strength and not just EUR weakness."
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