If the US dollar weakens further, the euro may rise to 1.20.

Jin10 data June 26, analysts at ING, Francesco Pesole, stated in a report that the euro is facing strong resistance around 1.17 against the dollar, having briefly broken above that level to reach a high not seen in over three and a half years. If the euro continues to break above 1.17, it could pave the way for further rise to 1.20, although this would require further depreciation of the dollar. After U.S. media reported that Trump is considering announcing his successor to Federal Reserve Chairman Powell early, the dollar weakened, and the euro rebounded. Pesole noted that NATO's agreement on a 5% defense spending target and Trump's conciliatory attitude towards U.S. allies may also support the euro.