EUR / USD needs to exceed 1.17 to enjoy new gains – OCBC

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The EUR/USD it closed firmer but was capped at 1.1660. The pair appears to have entered a consolidation phase around the 1.1650 zone and would have to break above 1.1700 to experience more gains, as reported by economists from OCBC Bank.

A break below 1.1580 is necessary to negate the upside momentum

“The inability to retest the highs of 1.1660 / 80 may delay the bullish moment a bit, but it may be necessary a deeper pullback below 1.1580 to completely negate the upward momentum.”

“An accelerated up extension could be seen if it breaks above 1.1700.”

“Weidmann, possibly the most hawkish member of the ECB, announced his resignation, leaving more weakened the remnant of officials who bet on a less flexible policy within the central bank.”

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