EUR/USD to edge lower towards the 1.10 level – Westpac

EUR/USD seems to have steadied around 1.1100 in the early European session on Thursday. According to economists at Westpac, the pair risks breaching the 1.10 level.

EUR/USD is unlikely to sustain rebounds

“Continued Ukrainian conflict will weigh on EUR and regional rates, countering higher and persistent inflation.”

“EUR/USD is unlikely to sustain rebounds. Resistance is likely in front of 1.1300 with mounting pressure to test 1.1000 or even force a flush towards 1.0775-00.”