Analysts at Morgan Stanley lean bearish on EUR/USD, projecting a move towards 0.9700.

Key quotes

"Regional challenges continue to grow. Risks to Eurozone gas shutoff continue to rise, which should weigh on local growth, while Covid-19 policies in Asia may continue to restrict the recovery.... This should be positive for the USD. Indeed, for investors increasingly looking for safety, the "King Dollar" may indeed still be king. This could even be true across asset classes.”

"Say an investor is looking for a safe haven and she is choosing between the USD in FX or a Treasury note. Both are often viewed as safe havens, but it's worth remembering that the USD has positive returns relative to Treasuries in a world where rates keep rising."