ING: If there is no substantive progress in the Iran peace agreement, the euro's gains may be limited

In a report, he said: "Whether in terms of military matters or the issue of the Strait of Hormuz, concrete progress needs to be made in reaching an agreement in order for the euro to stay above $1.180." The latest euro quote is $1.1750, up 0.1% from the previous trading day. He said the market seems happy to maintain a cautiously optimistic stance, keeping the euro between $1.1720 and $1.1770. Unless diplomatic efforts completely break down, investors are likely to continue buying on dips as the euro falls toward $1.1670-1.1700. He said this could lead to the euro dropping below $1.1600.