Rabobank - "While we have been arguing that the EMU crisis has moved closer to its end game, it is very clear that that there is still a long way to go. October promises to be a testing month for Spain and in this environment we see risk of pullbacks for EUR/USD towards the 1.2600 area. That said, with the fiscal cliff in the US nearing and on the back of the Fed’s very accommodative monetary policy we see any bouts of USD strength as likely to be short-lived and expect that EUR/USD will trend towards 1.3500 medium-term."