The EUR/USD pair maintains the gains of last week. ING analysts expect 0.9850/0.9870 zone limits any recovery.
EUR/USD could retest the 0.95 level this month
“The news that OPEC+ wants to increase oil prices will not be well received throughout the region. Similarly, news over the weekend suggests that what little remains of Russian gas exports to Europe could also decline, for example in Italy. As in the UK, attention in the eurozone is also shifting to the size of fiscal support packages and whether local bond markets can easily digest them.”
“It could be argued that the intervention (both in foreign exchange by the Asian authorities and in the bond market by the British authorities) is causing this pause in the dollar’s uptrend. But the macro factors behind it remain firm and 0.9850/0.9870 could be the limit of the current EUR/USD bounce. A retest of 0.95 in October is favoured.”
Source: Fx Street
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