Analysts at Danske Bank are expecting the EUR/USD pair to be trapped in a range around 1.13 on 3M horizon, but with risks tilted to the downside as ECB will be forced to keep a soft stance at a time when Fed looks more sidelined.

“Beyond the 6M horizon, a drift higher will materialise as the skies clear a bit for the Eurozone, but we still merely target 1.17 in 12M. For now, ECB has effectively put a lid on the cross – today keep an eye on speakers at the ECB Watchers’ conference.”