The EUR/USD tested 1.0900, before bouncing higher towards the 1.0950 as relative macro arguments should continue to weigh on the EUR, according to FX strategist at OCBC bank Terence Wu.
Key quotes
“March manufacturing PMIs in Europe were mixed while US ISM manufacturing came in stronger than expected. The US probably came out on top in the relative macro comparison, leaving a positive glean on the USD.”
“Going forward, the 55-day MA (1.1000) may now be the resistance, and failure to retake 1.1000 may confirm the downside bias.”
“On the downside, the initial target is 1.0900.”
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