EUR: Staying supported – ING

EUR/USD has found some decent support under 1.11 and we expect that to continue to be the case, ING’s FX analyst Chris Turner notes.

EUR/USD to trade in a 1.11-1.15 range over the coming weeks

"Today's data calendar is very light – just the second reading of eurozone first-quarter GDP – and EUR/USD will again be driven by the dollar story."

"Regarding diversification away from the dollar, next week will see the March Balance of Payments data for the eurozone. February data had shown strong equity inflows into the eurozone, and another big purchase in March would support survey findings suggesting a shift in focus toward the region."

"We see EUR/USD trading in a 1.11-1.15 range over the coming weeks and months, although risks are skewed to the upside. 1.1265 is now decent intra-day resistance."