EUR/USD: There is not much resistance now until the 1.12 area – ING

FXStreet Insights Team FXStreet

EUR/USD registered impressive gains and climbed above 1.1000 for the first time since early April. Economists at ING ntoe that there is a clear path toward the 1.12 level.

The EUR/USD story is positive

“A sharp narrowing in rate differentials stands to become a bigger driver of EUR/USD this year and should carry it to the 1.15 area in the second quarter.”

For the shorter term – there is not much resistance now until the 1.12 area. But buy-side positioning is the longest in the Euro since the summer of 2021 meaning that the rally could prove hard work. The EUR/USD story is positive, however.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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