eFXdata reports that analysts at Credit Agricole CIB Research see a scope for a tactical rebound in EUR/USD from the current levels.

"Our FX valuation analysis still suggests that EUR/USD is looking cheap relative to a fair value estimate based on rate spread and box yield spread as well as other drivers. In turn, this could limit the downside risks for the pair in the near-term."

"Moreover, evidence today that the Governing Council is far from unanimous in its commitment to a more dovish policy stance from here helped the EUR recoup some lost ground across the board."