EUR/USD to be rangebound in long term

The slow pace of recovery means it will be a long time before inflationary pressures start to show. That should keep EUR/USD cyclically weak near current spot over the duration of coming months. 

"But the ECB will be ending QE in Sept 2016 and though it will be even longer before the first hike, the slow cyclical recovery should offer some support to EUR. The main downside risk to the forecasts is hedging behaviour (foreign hedge ratios rising on EUR assets and/or European hedge ratios on US assets being cut back)", says RBC capital markets.

The current expectation is further changes will be small and the long-term forecasts still see EUR/USD range-bound.