EUR/USD still broadly retains a downside bias despite the recent consolidation on either side of 1.1300. Economists at OCBC expect the pair to stage a sustained move below the 1.1300 level.

Focus on medium-term downside

“Some signs of front-end riskies moving in favour of EUR calls ahead of the central bank decisions this week, but the medium-term downside bias should be unchanged.”

“Expect 1.1380/00 to cap bounces while bears target for a sustained run below 1.1300.”