FXStreet reports that Kit Juckes, Chief Global FX Strategist at Société Générale, believes that EUR/USD is well-positioned to take advantage of dollar depression and may hit the 1.20 level in the coming weeks.

“A clearer dollar uptrend is only likely when Fed rate hikes are more clearly visible on the horizon and that still seems more of a 2022 than a 2021 story.”

In the meantime, it wouldn’t be surprising if in the next few weeks EUR/USD re-tests 1.20.”