Home EUR/USD: Base at the 1.12 level suggests another leg higher – OCBC
FXStreet News

EUR/USD: Base at the 1.12 level suggests another leg higher – OCBC

EUR/USD takes the bids around 1.1236, flat on a day, as the pair looks to be building a base at the 1.12 psychological, which implies a move higher is coming, per OCBC Bank.

Key quotes

“Risk-related gains were pared as headlines that the EU remains far from agreement in the virus recovery package flowed through. This limited the EUR-USD’s gains, and left it firmly within range again.” 

“The inability to breach 1.1200 should be a warning sign for bears, and with the short-term implied valuations also turning higher, the bias appears to be for the pair to build base around 1.1200 for another move higher.”

 

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.