EUR/USD set to move back to pre-Ukraine levels from early 2022 closer to 1.15 – MUFG

The EUR has rebounded against the USD so far this month and in the process has reversed most of sell-off in May. Economists at MUFG Bank analyze EUR/USD outlook.

Bullish trend remains in place

The run of higher highs (in January and April) followed by higher lows (in March and May) so far this year highlights that the bullish trend remains in place. 

We continue to forecast the pair moving back to pre-Ukraine levels from early 2022 when it was trading closer to the 1.1500 level.