EUR/USD: Goldman Sachs advises traders to sell the pair ahead of next week's ECB meeting

In a note published today, Goldman Sachs said that the euro has failed near resistance at 1.15 and has narrowly avoided a bearish reversal day yesterday.

"While the US CPI was slightly higher than expected, Nowotny's comments about inflation in the euro area may have been the most stimulating catalyst during this day of correction, especially as these comments come on top of other recent dovish statements by other ECB members.

We believe it makes sense to position oneself for a short position that initiates around 1.15 for the ECB meeting next week, with a first sales opportunity threshold at 1.1430."