The EUR has been trending lower against the USD for most of the third quarter. Economists at MUFG Bank analyze EUR/USD outlook.
USD to lose upward momentum
We expect the USD to lose upward momentum as EUR/USD moves closer to the bottom of the 1.0500 to 1.1000 trading range.
Absent another negative shock for the Eurozone economy such as the price of Oil surging back above $100/barrel, we expect the pair to find it harder to break out below the bottom of the 1.0500 to 1.1000 trading range in the month ahead.
Source: https://www.fxstreet.com/news/eur-usd-to-find-it-harder-to-break-out-below-the-bottom-of-the-10500-11000-range-mufg-202309261400