Deutsche Bank argues that the euro may have hit a top for now
The firm says that there are signs from a technical and macro perspective that the euro upside move is maturing and they say that with EUR/USD nearly hitting its 1.20 target, they favour taking profit at this stage.
Adding that any move towards 1.2300 in EUR/USD would make the range lean towards the extreme side and see 'ultimate exhaustion'.
In the bigger picture though, the firm says that they are not convinced by the turnaround in the dollar as they reaffirm that they are 'not turning into dollar bulls' currently.