EUR/USD: Range-bound on the day – OCBC

Euro (EUR) jumped above 1.17-handle overnight but there was no particular headline or data that drove the move. Pair was last seen at 1.1690, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Bearish momentum on daily chart is fading

"Broad USD slippage was the trigger. Bearish momentum on daily chart is fading while rise in RSI moderated. 2-way trade likely in absence of fresh catalyst. Resistance here at 1.1690 (21 DMA), 1.1820 levels. Support at 1.1620, 1.1520 (50 DMA)."

"Key event this week – ECB meeting – but expectations are for no move (likely a non-event). Data to watch: prelim PMIs (Thursday), German IFO (Friday)."