EUR/USD finds support from a lack of escalation in the Israel-Iran conflict.
Diverging interest rate expectations are an overall bearish factor however.
EUR/USD may be forming a Bear Flag price pattern.
EUR/USD continues to trade within a contained box-like range, up a marginal tenth of a percentage point in the 1.0660s on Monday.
A lack of escalation in the Israel-Iran conflict has led to an unwinding in geopolitical risk, which has reduced demand for the safe-haven US Dollar and provided EUR/USD with a slight lift.
Most analysts are bearish EUR/USD, however, because of a diverging outlook for future path of interest rates – a key FX driver – in the US as compared to Europe.
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