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Forex pairs in this Article » EUR/USD (Córdoba) - The TD Securities analyst team expects the EUR/USD to track lower over the next twelve months given the Fed and the ECB monetary policies.

Key Quotes

"The Fed's balance sheet has grown substantially in 2013, while the ECB's has shrunk with the gradual repayment of the LTRO program".

"That has been an important underlying support for EUR/USD over the past year, but with the Fed now tapering QE and the ECB still very dovish (set to keep low or lower rates) and even considering initiating another balance sheet expanding program, 2014 should see a turn in that trend".

"We expect EUR/USD to track lower over the next twelve months".

"In the coming weeks we are watching for cycle highs to be defined in 1.37/39 area".
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