EUR/USD dips to be limited to 1.1475 'at the extreme' - NAB

This from National Australia Bank FX Strategy Research via the folks at eFX

NAB FX Strategy Research retains its 7 September call for an ECB taper announcement, that can also see Draghi warn about the EUR in the hope of holding back gains.

"If we are wrong, the ECB will not be able to wait past the 26 October, which other than a possible knee-jerk EUR dip in September, ought not to see much overall change.

We think the EUR's downside here will be limited to 1.1475 at the extreme, but more likely somewhere within a 1.1475-1.1625 range and closer to the top end, with the EUR recovering after that and ahead of the October meet," NAB argues.