EUR/USD is losing its recovery momentum. In the opinion of economists at ING, a move back below 1.10 is possible this week.

Softening momentum for European currencies vs the USD to keep the pair’s upside capped

“EUR/USD declined towards 1.10 again at the end of last week after a brief break above 1.11 and we expect a softening of the momentum for European currencies vs the USD to keep the pair’s upside capped.”

“We see room for a pull-back to the 1.09 level.”