Those forecasts for the euro against the US dollar are via CIBC, citing:

June ECB adjustments will reverberate through the economy for a considerable amount of time, impacting the options available to Draghi's successor

  • ECB modified guidance by indicating it's willing to cut rates in September (unless there is material improvement in economic data)
  • Thereby ensuring any hike would not come before Q2 2020
  • indicated the domestic outlook is still constructive

Draghi indicated he is prepared to expand the toolkit again if necessary,

  • will restrain for EUR - at least temporarily.

CIBC says there are other reasons to expect the EUR rally to be "measured rather than swift"

  • "There's time for EURUSD to move higher, but it requires more than just an extension of cheap funding for domestic banks. What's needed is outperformance of European data relative to the US."