ING: Rising Energy Costs Cap EUR/USD Upside
ING analyst Chris Turner warns that higher oil and European natural gas prices limit the euro's gains, with EUR/USD likely struggling above 1.1460/70 and possibly falling to 1.1360/80 if energy costs keep rising.
EURUSD
ING's Chris Turner notes that while softer US CPI data gave EUR/USD a boost, the rally is constrained by elevated energy prices.
He expects the pair to have difficulty sustaining levels above the 1.1460/70 range. If oil and European gas prices continue to climb, a retreat toward 1.1360/80 is more likely.
Source: FXStreet Forex News