Danske Bank analysts point out that EUR/USD took a step lower on Friday from having hovered above 1.11 to now being slightly below.

"Although we recently took our 12M forecast to 1.15, we still believe the lack of rate support for EUR caps upside in the pair, i.e. the ECB is essentially a constant in FX markets for now. Improving global growth expectations, rising commodity prices, inflation expectations and broadly rising equity prices continue to have little to no correlation to moves in the EUR but have been quite supportive for SEK and NOK, on the other hand. We thus look for EUR/USD to trade close to 1.11 on 1-3M."