The euro (EUR) continued to fall in the middle of a wide rebound of the US dollar (USD). The pair was for the last time at levels of 1,1250, the FX analysts of OCCBC, Frances Cheung and Christopher Wong point out.
Alternative reserve currencies, including EUR, can benefit
“The daily momentum does not show a clear trend now as long as the RSI fell. In the price action, an ascending wedge pattern is being formed, typically associated with a bearish reversion. Support in 1,1235 (fibonacci setback of 23.6% of the minimum to the maximum of 2025) and 1,1180 (50 -day mobile average). Resistance in levels of 1,1420/30.”
“A possible agreement between the EU and the US could lead to the EUR to retreat from its recent recently recently. But, more importantly, if the trade of ‘sell USD’ is still alive in the midst of diversification flows, alternative reserve currencies, including the EUR, can benefit.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
