EUR/USD: Taking cues grom US Dollar – OCBC

FXStreet Insights Team FXStreet

The Euro (EUR) was a touch firmer amid broad USD softness overnight, OCBC FX strategists Frances Cheung and Christopher Wong note.

Daily momentum is mild bearish

“Pair was last seen at 1.1098. Daily momentum is mild bearish while RSI was flat. Sideways trade likely with USD the main driver of direction. Support at 1.1026 (recent low), 1.10, 1.0930 (61.8% fibo retracement of 2024 high to low).”

“Resistance at 1.12 (recent high) and 1.1280 (2023 high). This week, focus is on retail sales (Thu) and GDP (Fri). Underwhelming data print could move the needle for markets to price in a more dovish ECB and for the EUR to trade lower.”

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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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