EUR/USD: On A Softer Footing Heading Into ECB: Range & Outlook - BTMU

The euro has recently come back under some modest downward pressure against the US dollar lowering EUR/USD back into line with its average over the last year, notes BTMU.

"The market’s increased focus on Brexit risk and potential negative spill over impact on Europe has weighed on the euro. Leading indicators are signalling that the eurozone economy has likely lost some growth momentum early this year leaving it more vulnerable to negative shocks. The loss of growth momentum is reinforcing downside risks to the outlook for inflation arguing in favour of more aggressive ECB monetary easing at their upcoming meeting on the 10th March. The euro is likely to continue trading on a softer footing heading into the meeting," BTMU argues.

BTMU is bearish on EUR/USD at current levels seeing the pair trading in 1.08-1.12 range in the near-term. 

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