Rabobank - "Over the next few weeks we would expect EUR/USD to maintain a more consolidative position and draw a range around current levels. A more significant pullback towards 1.300 in the coming months is a possibility given the potential for Spain, Italy or even Cyprus to remind investors that the Eurozone crisis is still ongoing. Despite our anticipation that EUR/USD could be going lower first, we continue to expect that medium-term EUR/USD will be able to climb higher towards 1.40. This view is partly on the back of renewed confidence on the sustainability of EMU but also on the back of continued USD weakness.
(...) Near-term, yesterday’s low in the EUR/USD1.3370/75 area is likely to offer support."