CIBC strategists suggest selling the euro on rallies over $1.2700, with a downside target of $1.1650 (before year end) and a stop at $1.30. "While price action remains extremely volatile, the overall direction is clear; prices are heading lower," the strategists say. Fundamentals are also euro negative. The ECB has cut rates by 50 bps, but the EU two-year bond yields holds 100bps below the ECB target rate, "a sign that there is much rate cutting left to do," they say.