EUR/USD: 2-way risks persist – OCBC

Market news

27 June 2024

EUR/USD: 2-way risks persist – OCBC

EUR slipped overnight but losses remain confined to recent range, OCBC analysts Frances Cheung and Christopher Wong note.

Bearish momentum slowly fades away

“Pair was last at 1.0703 levels. Bearish momentum on daily chart shows signs of fading while RSI rose slightly. Some risks to the upside but 2-way trades still likely ahead of French election on Sunday.”

“Support at 1.0660/70 levels (recent low) before 1.06 levels. Resistance at 1.0770 (50 DMA), 1.0810 (38.2% fibo retracement of 2024 high to low, 100 DMA).”

United States 4-Week Bill Auction rose from previous 5.23% to 5.27%

DXY: Bullish momentum on daily chart intact – OCBC

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