Nomura raises EUR/USD forecast

Nomura sees higher EUR/USD as the Fed moves to the sidelines

In the short term, the euro broke above the 200-day moving average for the first time since July 2014.

Nomura raised its end-of-Q3 forecast to 1.13 from 1.05.

The way these things generally work is that when analysts are tripping over themselves to lower forecasts, we're at the bottom. That was a few months ago when everyone was forecasting parity and 95-cents.

The average Q3 forecast is at about 1.0670 while year-end forecasts average 1.0530 so it's still probably too soon to call a top.

Credit Suisse just entered a EUR/USD short with a target of 1.1025 and a stop at 1.1436.