The choppy price action continues for the EUR/USD, with elevated energy prices holding back the single currency despite growing expectations of an insurance rate hike from the ECB at their upcoming meeting. Markets will turn their gaze to NFP data on Friday where a print of 85K or higher could ignite a fresh dollar rally. Barring a surprise deal announcement between the US and Iran, the risks remain tilted to the downside and a break to 1.1500 could be on the cards if the situation doesn't change soon. Key support at 1.1600 remains intact - for now anyway.
By Fawad Razaqzada, analyst with FOREX.com
By Fawad Razaqzada, analyst with FOREX.com
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