The Euro (EUR) partially retraced earlier gains amidst US election volatility. Pair was last seen at 1.0898 levels, OCBC’ FX analysts Frances Cheung and Christopher Wong notes.
2-way risks amid the US elections
“Momentum is mild bullish while the rise in RSI moderated. Resistance here at 1.09 (50% fibo), 1.0940 (100 DMA), 1.0970. Support at 1.0830 (61.8% fibo retracement of 2024 low to high), 1.0760 (recent low).”
“Risks are 2-way from here dependent on outcome of US election results (which should start coming in on Wednesday).”
Source: https://www.fxstreet.com/news/eur-usd-volatile-and-vulnerable-ocbc-202411051405