EUR/USD: Vulnerable if 1.06 breaks – OCBC

EUR/USD fell in the aftermath of the Fed’s hawkish outcome. Economists at OCBC Bank analyze the pair’s outlook.

Downside risks ahead

Mild bearish momentum on the daily chart intact while the Relative Strength Index (RSI) fell towards near oversold conditions. Downside risks ahead. 

Support at 1.0630, 1.06 levels. A break could bring the EUR/USD pair back down to the year-low of 1.0510 levels. 

Resistance at 1.0750 (21-Day Moving Average), 1.0830 levels (200-DMA).

See – EUR/USD: 1.0600/1.0610 looks like the last line of support before 1.0500 – ING