RBC Research discusses EUR/USD near-term outlook.

"EUR/USD bottomed in the early weeks of the Iran conflict, despite the US dollar continuing to rally to a YTD high on March 30. Flows, not fundamentals, were behind the ‘early’ start to EUR/USD’s rally in March," RBC notes.

"At current spot (~1.18), we think most of the Iran conflict premium has been taken out. The near-term outlook is likely one of range-trading for EUR/USD (1.1400/50 to 1.1930), with the asymmetric risk to the upside in the medium-term," RBC adds.