Forex Flash: Sell EUR/USD rallies; target at 1.27 in 1 month - Westpac

The US dollar continues to be backed up by some inspiring data in the US, but as Westpac notes, "European data/event risk suggests selling EUR/USD rallies is the best play on majors." The banks targets 1.27 on a 1mth horizon.

"A probable dovish Draghi press briefing and upside risks to US payrolls (where the USD has shown a habit lately of rallying on better than expected outcomes) should sustain EUR’s recent trend decline" Westpac adds.