Economists at Credit Agricole CIB Research believe that the EUR/USD pair is likely to remain close to recent lows in the near-term amid escalating geopolitical tensions.

Escalating Ukrainian crisis to fan stagflation headwinds buffeting the Eurozone

"The escalating Ukrainian crisis can fan the stagflation headwinds buffeting the Eurozone and can delay the ECB exit from its accommodative policies.”

“The euro's relative rate disadvantage, as well as the persistent geopolitical and economic risks, can discourage foreign investors from returning to the European capital markets for the foreseeable future while further worsening of the Eurozone external imbalances can reduce net demand for EUR by corporates.” 

"We think that the EUR/USD could remain close to recent lows in the near-term.”