In the view of the analysts at JP Morgan, EUR/USD is foreseen at 1.1400 by December and 1.1200 next year.

Key quotes

“We are bringing forward and extending the projected slippage in EUR to reflect these developments, but principally the increased uncertainty about the duration of a soft-patch in global growth that is now impacting the Euro area as well.” 

“European industry has been wrestling with supply disruptions for some time - German car output is 50% below pre-pandemic levels - and to compound matters there is now a potentially major drag from the surge in natural gas prices, to which Europe is particularly exposed.”