CIBC Research discusses EUR/USD outlook and maintains a structural bullish bias targeting 1.11 by end of Q2, and 1.14 by end of Q4.

"Looking past the current funding crunch, the USD should go back on the defensive as markets become more in sync with Fed measures taken over the past few weeks.

Longer-dated spreads to EUR rates have narrowed considerably, which suggests that EUR/USD dips will likely be bought into once the current fear around the virus dissipates. Both the EU and US are expected to fall into recession, though effect of fiscal multiplier is likely stronger for the EUR," CIBC notes.

"Longer-term, USD headwinds such as diversification will continue to work against the USD and simultaneously favour the euro," CIBC adds.