Danske Research likes selling EUR/USD bounces around current levels.
"EUR/USD continued its turnaround from prior to Easter and yesterday hit 1.19. Marginally, equities related to re-opening are climbing, (real) US yields have taken a step back and industrial commodities are holding up. In FX, eastern Europe (PLN, CZK and HUF) as well as Scandies gained yesterday. These are cross-asset moves which somewhat support EUR/USD in bouncing from lower levels," Danske notes.
"Nonetheless there is little real news and we tend to ascribe this upside move in spot as an opportunity to either go short spot or to buy dollar via forwards, if one has expenses," Danske adds.