Soft US inflation data has been good news for all the pro-cyclical currencies including the Euro. Economists at ING analyze EUR/USD outlook.

1.1275 is the next target for EUR/USD

EUR/USD is comfortably trading at new highs for the year and the next technical target would be 1.1275 as it continues to retrace the 2021-2022 decline. 

For today, look out for the account of the 15 June European Central Bank meeting. Presumably, the ECB will see no advantage in trying to diffuse market pricing of two further 25 bps rate hikes this year.