Bank of America Global Research prefers downside EUR/USD exposure through this Summer,

"There is a case to be made for EUR/USD to potentially trade through our Q2 forecast of 1.14, which is also just below its 12-month lows. The growth divergence between the US and EA is notable and arguably being underpriced by rates markets," BofA notes

"But hope for a peace agreement in the Middle East has prevented larger themes from taking hold. Even as there has been some associated reprieve in energy markets, upside risks points to downside risks to the EUR (from a terms-of-trade perspective). This suggests a real possibility of further USD supportive Fed repricing, while ECB hikes could prove counter-productive for the EUR... We prefer to fade rebounds and continue to look for renewed downside.," BofA adds.