EUR/USD: Close above the 1.1175/90 area to raise potential for gains towards 1.1475/1.15 – Westpac

Ukraine will continue to dominate eurozone sentiment. Meanwhile, prospects for eurozone ending NIRP have gained traction. Economists at Wespact expect the EUR/USD pair to alleviate downside pressure on a close above the 1.1175/90 zone. 

Support has lifted to the 1.1000/50 area

“Outcome of Russia/Ukraine negotiations and the stance of the West remain critical. However, potential for ECB ending NIRP has risen and is lifting prospects for EUR.” 

“EUR/USD will remain vulnerable, but support has lifted to the 1.1000/50 area”. 

“Should EUR/USD manage to close above the 1.1175/90 area, prospects for a higher trading range would increase and raise potential for retracements towards 1.1475/1.1500.”