EUR/USD is pressured but that does not mean that the euro cannot advance against other currencies. Here is the view from ABN AMRO:

Here is their view, courtesy of eFXnews:

ABN AMRO FX Strategy Research makes the case for further EUR upside in the medium-term against the CHF, JPY, and CAD.

“First, we expect the ECB’s slow exit to support the euro.

Second, the ECB will likely make monetary policy less accommodative before the Swiss National Bank and the Bank of Japan, because of particularly weak inflationary pressures in Switzerland and Japan.

Third, we expect investor sentiment to remain constructive and this should weigh on the franc and the yen.

Fourth, we expect eurozone political risks to remain low in the coming quarters and this will also weigh on the franc versus the euro.

Finally, we hold the same view as the market concerning future rate hikes by the Bank of Canada. Therefore, we think that the euro will outperform the Canadian dollar,” ABN AMRO argues.

“In short, expectations about monetary policy and constructive investor sentiment will support the euro versus the Swiss franc, Japanese yen and the Canadian dollar,” ABN AMRO concludes.