Credit Suisse discusses EUR/USD outlook and maintains a bullish bias through end of Q2.

"As EURUSD bulls, we are very disappointed to see a move to price in deeper Fed cuts in 2024 lead to a lower EURUSD level as it points to a lack of conviction on Europe’s ability to diverge from the US growth and inflation outlook. We targeted EURUSD 1.1250 as our end-Q2 target but predicted a slow grind to that level given positioning and only a lukewarm rates divergence story at this stage," CS notes. 

"This price action suggests that this approach is still the right one to take, especially as yesterday saw general USD strength. Indeed, a breach of trendline support around 1.0940 risks exposing a deeper correction towards 1.0840, near the Q1 closing level," CS adds.