EUR/USD: 2-way trades are likely – OCBC

Euro (EUR) continued to trade subdued. Pair was last at 1.16 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Daily momentum is not showing a clear bias

"Daily momentum and RSI indicators are not showing a clear bias for now. 2-way trades likely. Support here at 1.1630/40 levels (21, 50 DMAs) and 1.1570 levels. Resistance at 1.1730, 1.18 levels. We look for recent range in 1.1580 – 1.1700 to hold. EUR’s directional bias in the near term is largely dependent on USD."