The euro continues to trade on a weaker basis. Barring an aggressive surprise from the European Central Bank (ECB), the pair EUR/USD looks set to test Mar 7 low at 1.0806according to economists from MUFG.
The conflict in Ukraine continues to weigh on the EUR
“Price action continues to strongly suggest that some form of de-escalation of the Ukraine conflict will be required to trigger a reversal of the current downtrend for the euro.”
“Under current conditions, the euro should remain weak in the short termin the absence of a significant aggressive policy surprise from the ECB that triggers expectations of rate hikes before the third quarter.”
“The next major technical support level to watch on the downside is the March 7 low found at 1.0806.”
“Today’s post March ECB monetary policy meeting minutes is the key event to watch today, as it poses some upside risk for the euro, although it is typically not a big market driver.
Source: Fx Street

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