EUR/USD: Race higher to fade as it approaches the 1.07 mark – ING

EUR/USD is pressing the 1.06 resistance. However, economists at ING expect the dollar to find some stability, stalling the pair’s race higher around the 1.07 level.

Rally may soon run out of steam

“We think the upside room for EUR/USD is shrinking and with the dollar potentially stabilising or mildly rebounding, the rally may start to look quite tired as it approaches the 1.0700 mark.”

“Beyond the very short-term, a return to 1.0500 appears likely.”