EUR/USD: Pace of decline moderates – OCBC
|Euro (EUR) was a touch softer, amid broad USD rebound. EUR last seen at 1.1515 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Some consolidation not ruled out
"Developments in France — including a fragile government that only narrowly survived two no-confidence votes, ongoing budget tensions, and new proposals for a wealth tax — added to investor unease."
"A hung parliament in the Netherlands, underwhelming French inflation data, and Italy’s calls for the ECB to restart quantitative easing also dampened sentiment. While near-term political noise may keep the euro capped, the broader outlook remains constructive."
"Daily momentum is mild bearish but decline in RSI shows tentative signs of moderating near oversold conditions. Some consolidation not ruled out. Support at 1.1460 (38.2% fibo retracement of Apr low to Sep high), 1.1320 (200 DMA, 50% fibo). Resistance at 1.1630/40 (21 DMA, 23.6% fibo), 1.1670/80 (50, 100 DMAs)."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.