EUR/USD touched a new low for the year near 0.9550. Economists at ING expect the 0.97 level to cap any rally.

One-way traffic until Fed changes course

“Events in Ukraine have only managed to cement the Fed's inflationary concern while hitting Europe's growth prospects. In short, do not expect a turn in EUR/USD until the Fed's work is done – and that doesn't look like it's happening until 1Q23 at the earliest.”

“Expect intraday EUR/USD rallies to stall in the 0.9700 region again and we doubt much hawkish ECB speak makes much difference here.”