Spreads have moved against the EUR (and broadly in the USD’s favour) in recent weeks, suggesting the EUR may struggle to strengthen significantly, absent other drivers, for now.

Trend support off the September 2022 low for EUR/USD at 1.0949 remains under pressure but continues to provide some anchoring for the soft EUR, with the 50 and 100-DMA signals bracketing the trendline at 1.0966 and 1.0931 respectively). 

EUR needs to extend gains through 1.1050/1.1060 to show any real technical strength in the near term.