EUR/USD: Downside risks remain – OCBC

EUR/USD lost over 100 pips last week and stays in a consolidation phase below 1.0700 on Monday. Economists at OCBC Bank note that the pair remains under bearish pressure.

Initial support aligns at 1.0660

“Bearish momentum on daily chart intact while RSI fell. Downside risks remain.”

“Support at 1.0660, 1.0610 and 1.0490 levels.”

“Resistance at 1.0680 (23.6% fibo retracement of September low to February high), 1.0760 and 1.0830 (21 DMA).”

See: EUR/USD could test the 1.0500 support on a strong US CPI read – ING