Economists at TD Securities expect another push lower in the EUR/USD targeting a level around 1.03. However, the pair is set to rebound later in the year.

Lower oil would benefit the euro 

“The EUR's near-term outlook remains challenging, reflecting, in part, the sluggish backdrop for risk sentiment.”

“The wall of worry around European and global growth risks remains elevated, while China is only starting to emerge from its growth slumber.”

“Oil prices are another key factor to watch in the months ahead, where lower oil would benefit EUR.”

“We expect EUR/USD to hold the 1.03/1.07 range before pushing higher in H2.”