Euro (EUR) consolidated after the choppy move seen post-NFP. Pair was last at 1.1570 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
Range-bound trade likely
"Mild bearish momentum on daily chart intact while rise in RSI moderated somewhat. Range-bound trade likely. Resistance at 1.1630 (21 DMA), 1.1780 and 1.1830 (2025 high). EUR bulls need to clear these levels to see bullish momentum return more convincing."
"Otherwise, we may well see some consolidation trades into summer. Support at 1.1410 (38.2% fibo retracement of Mar low to Jul high), 1.1380 (100 DMA) and 1.1280 levels (50% fibo). Data release this week is relatively light with focus on services retail sales (today); German IP, trade (Thursday)."
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