EUR/USD: Delayed Move to 1.10 Due to OPEC+ Production Cut

The EUR/USD pair was expected to surge past the 1.10 mark this week, as per economists' predictions. However, the recently announced production cut by OPEC+ has given the dollar a much-needed boost, causing a delay in the anticipated move to 1.10.

While breaking above 1.10 is still a possibility, the OPEC+ cut has had a positive effect on the USD, making it necessary for some disappointing US data to come out before the EUR/USD can make the predicted move. This lack of Euro-specific drivers this week makes it unlikely to happen, though the bulls would still prefer the pair to finish the week around 1.0850/1.0900.

If the US data does turn out to be strong and the Fed makes hawkish comments, the pair may test the supports at 1.0700 and 1.0600.