EUR/USD May Bounce from 1.1400 as Dollar Index Tests 101
The Dollar Index is testing the 101 level, with a potential break toward 101.50–102 or a pullback to 100.50. Safe-haven demand from US-Iran tensions and oil-linked inflation risk supports the dollar, while the ECB meeting is a key event for euro crosses.
The Dollar Index is currently testing the 101 mark. A sustained break above this level could push it toward 101.50–102, while a failure may trigger a pullback to 100.50. This creates a potential bounce area for EUR/USD around the 1.1400 level.
Safe-haven demand stemming from US-Iran tensions and inflation risks tied to rising oil prices continue to underpin the dollar. Traders are also watching the upcoming ECB meeting as a major event that could influence euro crosses.
The outlook for EUR/USD remains tied to the dollar's next directional move and the ECB's policy stance.
Source: FXStreet Forex News