Euro (EUR) jumped above 1.17-handle overnight but there was no particular headline or data that drove the move. Pair was last seen at 1.1690, OCBC’s FX analysts Frances Cheung and Christopher Wong note.
Bearish momentum on daily chart is fading
“Broad USD slippage was the trigger. Bearish momentum on daily chart is fading while rise in RSI moderated. 2-way trade likely in absence of fresh catalyst. Resistance here at 1.1690 (21 DMA), 1.1820 levels. Support at 1.1620, 1.1520 (50 DMA).”
“Key event this week – ECB meeting – but expectations are for no move (likely a non-event). Data to watch: prelim PMIs (Thursday), German IFO (Friday).”
- Gold declines as US Dollar stays firm, geopolitical tensions persist
- GBP/USD Price Forecast: Sees more downside below 1.3430 amid dovish BoE bets
- GBP/JPY Price Forecast: Drifts lower as ‘bearish flag’ emerges
- FREE Forex signal for Monday 23/02/2026
- Gold bulls retain control near monthly top amid tariff jitters, dovish Fed bets, weak USD
Free Forex Signals 
Leave a comment