Economists at ING analyze EUR/USD outlook.
EUR/USD risks another drop to the 1.0850 area
With the USD/CNY pair staying bid and Eurozone data soft we would say EUR/USD risks another drop to the 1.0850 area.
Valuation metrics suggest the EUR/USD pair does not have to sell off too far – but the pieces of the investment puzzle have yet to fall into place for a EUR/USD rally.
See: EUR/USD to move lower toward H2 on weaker global growth, relative US economy outperformance – Danske Bank