ING Research discusses EUR/USD outlook and sees a limited scope for further rally in the near-term.

"There appears to be quite limited room now for a further re-pricing higher of ECB rate expectations, considering that around 90bp of tightening are already fully priced in, and recent comments by ECB members have mostly fallen on the hawkish side of the spectrum," ING notes.

"We think the upside room for EUR/USD is shrinking and with the dollar potentially stabilising or mildly rebounding, the rally may start to look quite tired as it approaches the 1.0700 mark. Beyond the very short-term, a return to 1.0500 appears likely in our view," ING adds.