Economists at ING had called for EUR/USD to break 1.10 this week. This is still a possibility, but the surprise oil production cut announced by OPEC+ gives Dollar a lifeline.

Move to 1.10 delayed

“We had called for EUR/USD to break above 1.10 sometime this week, but the asymmetrically positive impact on the USD of the OPEC+ surprise cut means that such a call now likely requires some disappointing data out of the US, given the lack of Euro-specific drivers this week. This is not necessarily our base case, and EUR/USD bulls would probably welcome the pair ending the week around 1.0850/1.0900.”

“Strong US data and hawkish Fed commentary can see the pair test the 1.0700 and 1.0600 supports.”