EUR/USD: 2-way trades are likely – OCBC

FXStreet Insights Team FXStreet

Euro (EUR) continued to trade subdued. Pair was last at 1.16 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Daily momentum is not showing a clear bias

"Daily momentum and RSI indicators are not showing a clear bias for now. 2-way trades likely. Support here at 1.1630/40 levels (21, 50 DMAs) and 1.1570 levels. Resistance at 1.1730, 1.18 levels. We look for recent range in 1.1580 – 1.1700 to hold. EUR’s directional bias in the near term is largely dependent on USD."

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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