EUR/USD: Danske Bank believes that the pair can still rise in the coming days

Danske Bank believes that speculators can still bet on a rise of the EUR and the short-term decline of the USD:

"The EUR/USD continued to rise Wednesday thanks to continued demand for the EUR, with a focus on cyclical outperformance and declining European political risk. Meanwhile, the dollar is losing its luster due to recent developments in US policy. Therefore, while the EUR/USD seems to be outbidding itself increasingly higher in technical terms, we believe that the pair can still rise in the next few days, as it seems that speculators can still jump on the bandwagon of the EUR increase and the USD decrease. However, since the eurozone will not be immune to a probable cyclical turnover and the ECB is likely to remain indifferent to the rise of the euro at its current speed, winds contrary to the EUR can appear further down the road."