EUR/USD: Citibank recommends selling, target: 1.0975, stop: 1.1240

This week, the Citi bank has selected selling EUR/USD as its favoured trade of the week. As such, the bank advises on selling EUR/USD at 1.1157 with a target at 1.0975 and a stop at 1.1240.

"During this relatively quiet week in late summer, the market will be illiquid, and the trend could point to reduced exposures, and considering its positioning, the EUR/USD could be vulnerable to this phenomenon.

Indeed, purchases of the euro have intensified in recent weeks, and reduced exposure will have a mechanically bearish impact."