Forex Flash: EUR/USD year-end target at 1.27 – Scotiabank (Barcelona) - The bloc currency continues to hover over the key resistance at 1.3300, trading in the red territory as the risk appetite stemmed from the BoJ announcements failed to push the cross beyond session highs in the vicinity of 1.3370

“We believe that recent trading of EUR has been driven by several flows, including a decrease in overall official diversification selling flows, EURJPY positioning flows and a building in long positions. We have made no change to our year-end target of 1.27. Expecting significant hurdles ahead for the euro zone, including political uncertainty”, warns Camilla Sutton, Chief Currency Strategist at Scotiabank.