ING analyst Francesco Pesole says EUR/USD has limited scope to extend recent
gains unless clear signs of de‑escalation in the Middle East emerge. Rising
natural gas prices — which have a larger negative impact on eurozone terms of
trade than oil — will constrain any euro appreciation independent of other
factors. He expects selling around $1.1500 and sees the rate more likely to
stabilise within a range than to break higher at this stage.
