EUR/USD: 2-way risks remain – OCBC
Source Fxstreet
The Euro (EUR) traded sharply lower, in response to US elections. Pair was last seen at 1.0718 levels, OCBC’ FX analysts Frances Cheung and Christopher Wong note.
EUR/USD is under the pressure
The sensitivity of EUR to US elections appears to have picked up by quite a fair bit. Threat of Trump tariff on all imports by up to 20% can hurt EUR as US was the largest partner for EU exports of goods in 2023.
Momentum is mild bullish but RSI fell. Resistance here at 1.0830 (61.8% fibo retracement of 2024 low to high), 1.09 (50% fibo), 1.0940 (100 DMA). Risks remain 2- way dependent on outcome of US election results (which is still trickling as we write).
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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As one of the most traded currency pair in the forex markets, the price of EURUSD affects many traders. Check out our EURUSD long-term forecast for more information.
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