EUR/USD: Mild bullish momentum on daily chart intact – OCBC

Euro (EUR) traded modestly firmer into NY close last Friday. EUR was last at 1.1683 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

2-way trades likely in the interim

"Trump-Putin Summit in Alaska saw no deal despite 'nearly three hours' of talk between the 2 leaders. At the end of the joint press conference, Putin spoke in English to invite Trump to Moscow. On a Truth Social post, Trump indicated that Zelenskiy 'can end the war with Russia almost immediately, if he wants to, or he can continue to fight'."

"Geopolitics focus shifts to Trump’s meeting with Ukraine and Europe later. Trump will next meet Ukraine President and European leaders separately later today at 115am and 3am (SGT). It is possible that more details of what was discussed between Trump and Putin in Alaska will be revealed later."

"Mild bullish momentum on daily chart intact while RSI was flat. 2-way trades likely in the interim. Resistance at 1.1730, 1.18 levels. Support at 1.1640 (21, 50 DMAs) and 1.1570 levels. We look for recent range in 1.1640 – 1.1730 to hold."