EUR saw modest rebound amid USD pullback, and European PMIs surprised to the upside. Pair was last at 1.0825, OCBC’s FX analysts Frances Cheung and Christopher Wong note.

Bearish momentum on daily chart shows signs of fading

“EUR saw modest rebound amid USD pullback while prelim PMIs surprised slightly to the upside. In particular, German manufacturing, services PMIs surprised.”

“Bearish momentum on daily chart shows signs of fading while RSI rose from near oversold conditions. We still call for rebound risks.”

“Resistance at 1.0830 (61.8% fibo retracement of 2024 low to high), 1.0870 (200 DMA), 1.0930/50 levels (21, 100 DMAs). Support 1.0780, 1.0740 (76.4% fibo).”