As we know, the FX market will usually go where it can cause the most people the most pain. To me, that would mean EUR/USD back at 1.3700. I just mentioned that level to someone and he laughed but it’s really not that silly at all.
Can you imagine AUD/USD back at 1.00 and EUR/AUD at 1.3700? Can you imagine EUR/CHF at 1.26 and USD/CHF at .92? In those terms it doesn’t seem outrageous at all, just normal market noise really.
We seem to be entering a phase of USD weakness so keep your minds open to all possibilities.