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According to Arne Rasmussen, Head of FI Research at Danske Bank, there is still room for a test of the 1.1500 area.

Key Quotes

EUR/USD revisited the 1.17 level again yesterday on a day that saw little news on either side of the Atlantic”.

“We still look for a drop into the 1.15 region near term as cyclical and trade tensions support USD in the current environment”.

“However, notably, marked shifts in positioning hints that we are not too far from a bottom in EUR/USD as the market is close to stretched on USD longs now”.