EUR/USD: Delayed Move to 1.10 Due to OPEC+ Production Cut
The EUR/USD pair was expected to surge past the 1.10 mark this week, as per economists' predictions. However, the recently announced production cut by OPEC+ has given the dollar a much-needed boost, causing a delay in the anticipated move to 1.10.
While breaking above 1.10 is still a possibility, the OPEC+ cut has had a positive effect on the USD, making it necessary for some disappointing US data to come out before the EUR/USD can make the predicted move. This lack of Euro-specific drivers this week makes it unlikely to happen, though the bulls would still prefer the pair to finish the week around 1.0850/1.0900.
If the US data does turn out to be strong and the Fed makes hawkish comments, the pair may test the supports at 1.0700 and 1.0600.
While breaking above 1.10 is still a possibility, the OPEC+ cut has had a positive effect on the USD, making it necessary for some disappointing US data to come out before the EUR/USD can make the predicted move. This lack of Euro-specific drivers this week makes it unlikely to happen, though the bulls would still prefer the pair to finish the week around 1.0850/1.0900.
If the US data does turn out to be strong and the Fed makes hawkish comments, the pair may test the supports at 1.0700 and 1.0600.
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