The impossible trinity...

The move in EUR/USD last week gave clues about the worst case for the EUR/USD. And that worst case would still be above the parity which many have in the forecasts for next year. 

Range in EUR/USD is still a name of the game for the rest of the year, with next strong short term support around 1.0850, if below 1.10. Meanwhile, a prompt comeback above 1.11 would raise chances of a move toward 1.1360 above which the course will be set for 1.20.

Wouldn't ECB fight 1.20 tooth and nail? that depends, struggle to believe Draghi can break the impossible trinity, he wants the oil prices (proxy for inflation) and the inflation expectations/measures up, and the EUR/USD down at the same time. That can be achieved for a week or so, not for months. 

"The trends are shared, and they are set by global growth, the demand side. And if given a choice, Draghi would clearly prioritize inflation, even with the EURUSD going up", says Nordea Bank.