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