EUR/USD to extend toward 1.1333 on a break of 1.1220 – OCBC

FXStreet Team FXStreet

Terence Wu, an FX strategist at OCBC Bank, notes that the euro is near to its weekly ma resistance at 1.1220, trading around 1.12 at the time of writing, and suggests a break of this level could lead the EUR/USD toward 1.1333.

Read: Eight major banks expectations for today's ECB meeting

Key quotes

“Expect EUR/USD to vacillate on either side of the 100-week MA (1.1220). A breach of this level may see the pair extend towards the 200-week MA (1.1333). Downside supports at 1.1180/00.”

“Widespread expectations of an expansion of the ECB’s asset purchases may be a negative, as it opens up room for disappointment. With the EUR somewhat overextended, any surprise may lead to a pull-back.”

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