EUR/USD: Pullback 50% 61.8% FIBO For a New LONG Setup

According to ING economists, the EUR/USD pair has retreated after surpassing the 1.0900 mark. Nevertheless, they anticipate that the pair will reach the level of 1.1000 in the near future.

Today, market focus will be on the PMI readings in the Eurozone. ING predicts that the survey will stabilize around the figures from February. Unless there are any major surprises, the PMI releases are unlikely to have a significant impact on the market as the macro fundamentals are currently playing a secondary role to the financial market's stress.

ING suggests that the Dollar bias will remain bearish, and European currencies will be supported by hawkish central banks and a less volatile banking environment, which could lead to the testing of the 1.1000 level in the near future.