EUR/USD has been participating in this dollar sell-off and the bias looks higher, economists at ING report.

Low gas prices and China reopening are supportive for EUR/USD

“A surprisingly hawkish European Central Bank warns that EUR/USD could rally hard if the market is convinced the Fed will ease.”

“Low gas prices and China reopening are also supportive for EUR/USD and we would say that, despite the bearish seasonals for EUR/USD, pressure is building for further near-term gains.”

With money probably flowing into emerging market funds now – and out of Dollar deposits – we can see EUR/USD heading up to 1.0735/85, with outside risk to the 1.09 area should US price data soften again this week.”