For 2024, we expect the same amount of interest rate cuts by the Fed and the ECB. In both cases, our base case calls for more substantial rate cuts than markets currently expect. The difference between our forecasts and market pricing is around the same for both central banks. So, if our views on both Fed and ECB policies play out, EUR/USD should stay near current levels. 

For 2025 we think that the ECB and Fed will continue to ease in 2025 by the same amount. Therefore, we expect EUR/USD to stay in a 1.05-1.10 range waiting for another driver to present itself to cause a more directional move.