Investing.com - JPMorgan has turned even more euro bearish in the wake of the US presidential election, forecasting a test of parity for EUR/USD by the first quarter of 2025.At 09:15 ET (13:15 GMT), EUR/USD traded 0.8% at $1.0499, bouncing at the start of the new week, having fallen almost 3% over the course of the last month.The year 2024 has been another year of eurozone growth disappointment versus the US, said analysts at JPMorgan, in a note dated Nov. 22. “Softer-than-expected Eurozone growth isn’t a new phenomenon but instead a trend that has been intact for seven consecutive years, a theme that FX investors are ostensibly bored with but frustratingly continues to manifest in price action,” the bank said.Unlike 2023, EUR/USD performance in 2024 was driven entirely by rate differentials and other factors receded in relevance. The EUR/USD forecast for 2025 looks for a test of parity by 1Q as tariff risks get more fully priced in, with a recovery to $1.08 later in 2025 stemming from potential for mitigating factors and US resilience running out of steam.The near-term bearish EUR/USD forecast is consistent with our previously published roadmap for the US elections in a ‘Red sweep’ and now accounts for the potential for tariffs as well as the new ECB / Fed calls – a cut to below neutral to 1.75% for the ECB by mid-year even though the Fed will be at 4% at that time, and for the ECB to then be on hold but for the Fed to cut to sub-4% by the end of the year.