EUR/USD Sees Mild Relief Amid Softened Oil Prices

The EUR/USD pair has shown some relief in recent days following a sizeable drop last week due to a hawkish Fed rate hike. The pair was held back by Germany's regional elections, which made its political picture messier.

However, the downside has been limited due to expectations of another ECB rate hike this year and the softening of oil prices at the start of this week. Oil prices have a significant influence on the dollar and, by extension, the EUR/USD forecast.

The US data calendar is quiet this week, with little likely to move markets. Attention will turn to Donald Trump's meetings with Gulf state representatives, which could impact crude oil prices.