Nomura - "(...) we have been more neutral on EUR/USD for a while, and after trading higher for a few weeks, we have now gotten stuck around 1.25. If the upcoming events (Sep 6, Sep 12, Spanish application) are resolved positively, we can imagine a further squeeze higher to around 1.28. But we don't see much further upside from there, given more structural negatives. In any case, we will try to remain patient, and consider fresh shorts only after event risk (which could be positive) has been resolved."