Credit Agricole CIB Research maintains a bearish bias on EUR/USD through year-end. 

"We maintain our bearish 6M EUR/USD outlook and do not expect the pair to recover on a sustained basis before H227....EUR/USD negatives to dominate in Q426 and H127:  The pair is trading as collateral damage of geopolitical risks – ranging from US-China tensions to the Ukraine war and the conflict in the Middle East. European political and fiscal risks could grow too, in the wake of the German regional elections this month and ahead of the French presidential elections in Q227.," CACIB notes.

"We continue to target a return for EUR/USD towards 1.13 by Q426 before a more sustainable recovery ensues towards 1.17 in Q427," CACIB adds.