EUR/USD may be underpinned by speculation surrounding U.S. rate cuts

Traders have bet on euro rising for most of the last two years

For 20 months EUR/USD has been stuck in very tight ranges

Little time spent above 1.1000, a few days seen over 1.11

The upside seems limited but traders like to gamble

A 1.5% gap between U.S. and eurozone rates expected to hold until end-2025

Underpinned short-term EUR/USD will probably return to mid 1.05-1.10 range