EUR/USD: the euro could back down within its range with Draghi's speech this week (Danske Bank)

Danske Bank believes that the EUR/USD should fall back on the forex in the short term due to Draghi's speech this coming Friday in Jackson Hole.

"Recent position data show a slight decline in long positions on the euro. This is in line with our view that the market is positioning itself for a dovish speech by Draghi this week.

This should weigh down on the EUR/USD from current levels, and we continue to expect prices to evolve within the 1.15-1.20 range in the short term."