Euro: Upside room toward 1.1800 against US Dollar – UOB
The Euro is projected to have upside potential, with UOB pointing towards a target of 1.1800 against the US Dollar. This aligns with a broader expectation in the FX market where consensus estimates for mid-2026 are also accommodating a bullish bias for the Euro. Given the current spot at 1.1446, the market seems optimistic about a recovery supported by potential policy adjustments from the European Central Bank. This momentum reflects increased confidence in the Eurozone's economic resilience.
Where it sits in our coverage
Our consensus EUR/USD target sits at 1.1700 (median across firms), with UOB at the mid-range (1.1725) and Stanchart at the lower end (1.1400). UOB's recent projections point upwards, paralleling the bullish sentiment noted in the source's analysis.
How firms align
Several firms echo a similar view, notably Deutsche Bank projecting a target of 1.1800, aligning with UOB's headline. Meanwhile, RBC and Nomura anticipate targets around 1.1700 to 1.2000, indicating a strong bullish outlook consistent with UOB's assessment in /research/eurusd-ecb-rate-path-2026-08-23.
What the data shows
Recent forecast updates have shown upward revisions, with UOB adjusting their March target to 1.1725. Notably, Deutsche Bank also forecasts a similar upward trajectory at 1.1800, showing a potential shift in sentiment and reinforcing bullish expectations from our recent research, such as /research/eurusd-ecb-rate-path-2026-08-21.
How firms align with this view
Aligned with the headline view
Contrary positioning
Key takeaways
- 01UOB anticipates Euro appreciation towards 1.1800 against USD.
- 02Look for confirmed upside momentum above current levels for bullish positioning.
- 03Catalysts include anticipated ECB policy shifts and improved economic data.
- 04Several firms show alignment with bullish Euro targets.
Market implications
Traders should watch for a crucial breakout above the 1.1500 level to signal further Euro strength towards our consensus target of 1.1700. Key economic releases from the Eurozone could provide additional insights on the trajectory leading to mid-2026.
Risks to this view
A shift in sentiment against the Euro could arise from adverse economic data or dovish communication from the ECB, which would invalidate the bullish outlook and potentially reinstate USD strength.
Sentiment by currency
USD EUR+JPY~GBP~Composite USD score: -0.35
Sources & References
How we cover this story
Other coverage on this pair
Euro: Recovery against US Dollar supported by data – BBH
Recent Eurozone data momentum is underpinning EUR/USD recovery from lows, reducing near-term USD safe-haven bid.
Euro: Further gains eyed toward 1.1800 against US Dollar – UOB
EUR/USD technical target of 1.1800 suggests directional bias toward euro strength; traders should monitor resistance levels and macro catalysts driving momentum.
EUR/USD Price Forecast: Corrects further as US Dollar extends recovery
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