Euro: Recovery holds within 1.15–1.16 band against US Dollar – Scotiabank
The Euro maintains its recovery efforts, oscillating within the 1.15–1.16 range against the US Dollar, as highlighted by Scotiabank. This has become a pivotal zone for traders, indicating potential stability in the face of broader market volatility. The consensus forecast suggests a medium-term bullish sentiment on the Euro, with targets indicating a gradual appreciation. Given the recent performance and prevailing forecasts, the focus remains on how these levels could influence trading strategies moving forward.
Where it sits in our coverage
Our consensus EUR/USD target currently sits at 1.1583 (median across 11 firms). The most bullish outlook comes from Commerzbank and Morgan Stanley at 1.1900 and 1.2000 respectively, while the more conservative stance is held by Danske Bank at 1.1100. Scotiabank's view aligns closely with the upper range, suggesting the potential for further appreciation of the Euro.
How firms align
Goldman Sachs has a target of 1.1800 for March 2026, reflecting a bullish stance that supports the headline assessment. Meanwhile, firms like MUFG and Deutsche Bank also share a similarly bullish view. Contrastingly, BofA's target of 1.1240 for March indicates a more cautious outlook against the Euro's trajectory.
What the data shows
Recent forecast revisions have notably concentrated around the mid-range levels, with UOB adjusting its March forecast to 1.1536, while key revisions from BofA suggest resilience at 1.1700. For further details, see our analysis in /research/eurusd-ecb-rate-path-2026-08-05.
How firms align with this view
Aligned with the headline view
Contrary positioning
Key takeaways
- 01Euro recovery sustained within 1.15–1.16 against USD.
- 02Watch this range closely for traders looking for entry points.
- 03Key upside risk if Euro breaches 1.16 with supporting data.
- 04Potential bearish signals if EUR/USD falls below 1.14.
Market implications
Traders should keep an eye on the 1.15 level, a critical threshold for further upward movement. The upcoming ECB meeting could also provide new insights that may sway sentiment and test the consensus target of 1.1583 if economic indicators align positively.
Risks to this view
This outlook could be invalidated if economic data from the Eurozone comes in weaker than expected, particularly any indicators related to inflation or GDP growth, as these could pressure the Euro and shift sentiment markedly.
Sentiment by currency
USD~EUR~JPY~GBP~Composite USD score: +0.00
Firms mentioned
Sources & References
How we cover this story
Other coverage on this pair
EUR/USD Price Forecast: Trades near crucial level of 1.1550
Euro: Mild upside toward 1.1565 cap against US Dollar – UOB
EUR/USD Price Forecast: Hawkish ECB bets back fresh upside
Market pricing of additional ECB hawkishness supports EUR/USD momentum above key technical levels; monitor for divergence with Fed expectations.