The Euro (EUR) has experienced some downward movement overnight, but analysts at OCBC note that these losses are still within the recent trading range. The pair is currently at 1.0703 levels, with bearish momentum on the daily chart showing signs of fading and the RSI rising slightly. Despite this, there are still risks to the upside, but two-way trades are expected to continue ahead of the French election on Sunday.
There is support for the EUR at 1.0660/70 levels, which is the recent low, before potentially reaching 1.06 levels. On the other hand, resistance is seen at 1.0770 (50 DMA) and 1.0810 (38.2% Fibonacci retracement of 2024 high to low, 100 DMA). These levels will be important to watch as the EUR continues to fluctuate in the current market conditions.
The bearish momentum that has been affecting the EUR is slowly fading away, which could potentially lead to some positive movement in the near future. However, with the French election looming, there are still uncertainties and risks that could impact the currency’s performance. Traders should be prepared for two-way trades as the EUR navigates through these uncertain times.
It is important for traders to keep a close eye on the support and resistance levels mentioned by the analysts at OCBC. These levels can provide valuable insights into potential price movements and help traders make informed decisions. With the EUR currently hovering around 1.0703 levels, it will be crucial to monitor how the currency reacts to these key levels in the coming days.
Overall, while the EUR has experienced some losses recently, the bearish momentum appears to be fading away. This could signal a potential shift in the currency’s performance in the near future. However, with the French election on the horizon, there are still risks and uncertainties that traders should be aware of. By staying informed and monitoring key support and resistance levels, traders can navigate through the current market conditions and make well-informed trading decisions.
