According to Christin Tuxen, Senior Analyst at Danske Bank, the pair could attempt a rangebound pattern in the short-term horizon. Key Quotes “With the Fed set to deliver merely a September hike this year, in our view, the case for USD upside from Fed repricing near term looks increasingly weak”. “At the same time, the ECB has now given up the fight for further euro depreciation”. “In the absence of USD support from relative interest rates near term, we are likely in for range-trading in the 1.10-1.14 interval for the pair near term before a more sustained move higher further out”. For more information, read our latest forex news.