EUR/USD: This week could see a decisive break below 1.05 — ING

ING Economists reported that, currently, the EUR/USD currency pair struggles to reside above the key 1.05 support.

May 03, 2022 - 03:11 PM 257 views

EUR/USD: This week could see a decisive break below 1.05 — ING

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© EUR/USD: This week could see a decisive break below 1.05 — ING

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ING Economists reported that, currently, the EUR/USD currency pair struggles to reside above the key 1.05 support.

The EUR recovery needs a change in the ECB policy statement.

The highly praised US dollar, the poor performance of European equities, and the fears generated by the ongoing Russia-Ukraine conflict and the ever-changing diplomatic relations between Brussels and Moscow. All these factors are the key reasons for the EUR/USD currency pair's weakness.

The EUR currency probably needs a shift in the European Central Bank (ECB) policy statement, and the timing of that may be uncertain (the meeting will probably be held on June 9th). The EUR/USD pair remains at the risk of dipping below 1.05 until the meeting happens.

Spending a week with the FOMC meeting and not seriously taking any action on the Eurozone calendar or on the European Commission Board (ECB) speaker front, this could definitely materialize a major technical break down.

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