Citi maintains a structural bullish bias on EUR/USD over the medium-term.

"CitiFX Strategy notes that the two major drivers behind this have been: 1) Investors have diversified away from the USD into a more balanced funding mix that includes more EUR; 2) EUR-centric concerns have mildly re-emerged. As above, these do not detract from the above bull thesis," Citi notes. 

"We remain bullish EURUSD, targeting 1.30 over time," Citi adds.