EUR/USD: Rebound risk on the cards – OCBC
The Euro (EUR) fell in reaction to Trump’s threat on tariffs, though there was no mention of Europe. Pair was last at 1.0509 levels, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Upside surprise may aid the squeeze in EUR shorts
“EUR’s pullback lower did not find traction. Price action suggests EUR bear may also be feeling the fatigue. Bearish momentum on daily chart intact but shows signs of fading while RSI shows signs of turning higher.”
“Bullish divergence is also observed on daily MACD. Not ruling out EUR short squeeze in the near term. Resistance at 1.0510, 1.0665 (21 DMA). Key support at 1.0450 levels before 1.03 levels. Focus this week on Euro-area CPI. Upside surprise may aid the squeeze in EUR shorts.”
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.