EUR/USD: Volatile and vulnerable – OCBC

The Euro (EUR) partially retraced earlier gains amidst US election volatility. Pair was last seen at 1.0898 levels, OCBC’ FX analysts Frances Cheung and Christopher Wong notes.

2-way risks amid the US elections

“Momentum is mild bullish while the rise in RSI moderated. Resistance here at 1.09 (50% fibo), 1.0940 (100 DMA), 1.0970. Support at 1.0830 (61.8% fibo retracement of 2024 low to high), 1.0760 (recent low).”

“Risks are 2-way from here dependent on outcome of US election results (which should start coming in on Wednesday).”