EUR/USD: Risks are skewed towards further pullback – OCBC

Market news

6 February 2023

EUR/USD: Risks are skewed towards further pullback – OCBC

EUR/USD extended its pullback amid broad Dollar strength, which came on the back of strong US data. Economists at OCBC Bank expect the world's most popular currency pair to continue struggling for now.

Corrective pullback

“Daily momentum turned mild bearish while RSI fell. Risks are skewed towards further pullback.”

“Support at 1.0760, 1.0680 (50DMA, 23.6% fibo retracement of September low to February high).”

“Resistance at 1.0830 (21 DMA), 1.0940 and 1.1040 (recent high).”

See – EUR/USD: Support around 1.0730-1.0750 would be a welcome development for bulls – ING

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