Analysts at Nordea Markets maintain their bullish bias on the EUR/USD pair in the near-term, citing that ‘we have highlighted the green shoots globally for a while now', and we judge that an Asian rebound is better news for EUR than USD.”

“Combination of a triple-dovish Fed (QT, rates, inflation overshooting) … the rise in oil prices has prompted a substantial drop in US real rates. Drop in US real rates have also helped beget more expansionary financial conditions in EM Asia. The upturn in Chinese monetary growth in March offers psychological support for the green shoots narrative. Hence we go long EUR/USD, Target 1.1650 and consider a stop/loss 1.1187.”