Euro (EUR) fell on softer than anticipated French CPI, indicators of progress on EU-US commerce talks and broad US Greenback (USD) quick overlaying. Pair was final at 1.1321, OCBC’s FX analysts Frances Cheung and Christopher Wong observe.
Day by day momentum will not be displaying a transparent bias
“EU Commerce Commissioner Sefcovic mentioned he has a ‘good name’ with US Secretary of Commerce Lutnick. Earlier, French President Macron mentioned European Fee Ursula and Trump had a ‘good change’. Trump himself additionally mentioned it was ‘a really good name’, and the delay on tariff imposition would permit for the two sides to work on a deal.”
“EUR’s transfer decrease was according to our warning for the chance of a pullback within the close to time period. Day by day momentum will not be displaying a transparent bias now whereas RSI fell from close to overbought circumstances. On value motion, rising wedge sample could also be forming. This may be related to a bearish reversal.”
“We proceed to observe value motion. Assist at 1.1280 (21 DMA), 1.1235 (23.6% fibo retracement of 2025 low to excessive) and 1.1150 (50 DMA). Resistance at 1.1420/30 ranges. Decisive break places subsequent resistance at 1.1570 (latest excessive). Failing which, the pair might revert to buying and selling latest vary. Day brings 1y, 3y inflation expectations.”
