EUR/USD: There is very little upside scope at current levels – Commerzbank

Economists at Commerzbank analyze EUR/USD outlook.

What is needed to see EUR/USD levels of 1.20? 

The EUR strength should remind us that there is very little upside scope at current levels. 

Anyone mentioning EUR/USD levels of 1.20 has to either assume remarkable general USD weakness or has to have very, very good reasons to expect extreme EUR strength.

See: 

• EUR/USD to extend its decline toward 1.0880 on failure to defend 1.1000/1.0970 zone – SocGen

• EUR/USD: Risks skewed to downside from ECB and Fed policy updates – MUFG