EUR/USD: Holding pattern – OCBC
Source Fxstreet
Euro (EUR) was a touch softer overnight, as US Dollar (USD) saw mild rebound. Pair was last at 1.1643 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
2-way trades likely with risk skewed to the downside
"Markets are adopting a cautious stance going into Jackson Hole, to avoid bigger disappointment (especially in the event Powell does not take a dovish tilt as expected by markets."
"Mild bullish momentum on daily chart shows signs of fading while RSI fell slightly. 2-way trades likely with risk skewed to the downside. 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."
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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