Here's a Deutsche Bank forecast for EUR/USD to 1.25 (admittedly it'll take a few years)

Here are the forecasts from Deutsche Bank for the years ahead:

Deutsche Bank's reasoning is as follows.

Key medium-term USD bearish drivers:

• Supportive EU vs. US fiscal stance: thanks to German fiscal policy.
• Valuations: Purchasing power parity in the 1.25-1.30 range acts as medium-term anchor for EUR/USD amid geopolitical uncertainty.
• US asset risk premium & weaponing risk: Persistent global diversification away from USD assets, driven by US economic policy unpredictability and concerns over sanctions.
• US cyclical slowdown: A weaker growth trajectory to achieve medium-term inflation objectives, with added drag from unpredictable policymaking.

Short-term outlook:

• YE-25 forecasts remain conservative.
• The likely dovish ECB reaction function in the near-term will constrain the widening in short-term EU-US interest rate differentials plus broader uncertainty on US policy path in coming months.

Risks:

• A faster US climbdown on aggressive trade policy and a more growth-supportive US budget bill is likely to slow down the dollar downtrend, while a continued erratic shift in trade policy combined with larger than expected fiscal tightening is likely to lead to accelerated dollar downside.