UBS are not overly bearish on EUR/USD. Analysts at UBS Global Wealth Management expect that while eurozone economic data is likely top be missed, the see stronger data impacting euro more than weak data will.

• investor sentiment is very downbeat, and thus better data would be the bigger surprise
• a series of European Central Bank rate cuts is expected
• eurozone growth to recover in 2025

Forecasts above 1.10 for EU/US and towards 1.16 later in 2025.