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- EUR/USD: Short term consolidation is nigh – OCBC
EUR/USD: Short term consolidation is nigh – OCBC
Consolidating Euro (EUR) continued to trade near recent lows amid broad USD strength and somewhat dovish ECB-speaks. EUR was last seen at 1.0812, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Momentum remains bearish
“Vasle said that ECB should not hurry to lower rates or spend too long contemplating how far and how quickly they should fall. Vujcic said that he is open to any discussion in Dec. Simkus wants rate cut but cannot justify 50bp move.”
“Knot said that given the downward surprise of both headline and core CPI in 3Q, inflation may drop faster than expected. He also added that data point to increasing risk of disappointing growth in the near and medium term.”
Momentum remains bearish though there are signs of it fading while RSI is still near oversold conditions. Support 1.0780, 1.0740 (76.4% fibo). Resistance at 1.0830 (61.8% fibo retracement of 2024 low to high), 1.0870 (200 DMA), 1.0910/30 levels (21, 100 DMAs).
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