EUR/USD: Heavy within range – OCBC

Terence Wu, an FX strategist at OCBC Bank, remains negative on the euro against the US dollar.

Key quotes

“While short-term implied valuations for the EUR/USD stayed elevated, the pair remained on a heavy tone, widening the gap between spot and implied valuations.”

“With the USD in ascendant again, expect the EUR to flex against the 1.0770/80 support. This level will need to be breached for the pair to see further downside.” 

“Immediate resistance at 1.0850/60.”