EUR/USD to plummet towards yearly lows at 1.1704 on a break below 1.18 – OCBC

The EUR/USD pair retested last week’s lows near 1.1800 before rebounding slightly. The bias remains for it to retest the 1.1800 support, ahead of year-to-date low at 1.1704, as reported by economists at OCBC Bank.

EUR/USD retains a bearish bias

“The EUR/USD remains weighed down by the inability to breach 1.1900 on the topside.”

“The bearish posture remains as it dipped below the previous low of 1.1808. 1.1800 is still the main hold-out to the downside, where a breach will open the way to year-to-date lows at 1.1704.”