JP Morgan looks to sell EUR/USD on rallies above 1.14.

"We maintain current stance, given we resided forever at 1.16 this move feels enough in the short term with some factors which should provide some support (oil down here, ECB hawkishness less urgent, US yields moved enough into July data)," JPM notes.

"Whether we can bounce much is more up for debate as the market will have to consider a Fed hike conversation in July if the numbers corroborate the hawkish dot plot so trading strategy is to look to sell into any mini positioning squeeze back above 1.14 if we see it," JPM adds.