Select Language

EUR/USD: Unwinding underway - OCBC

Breaking news

EUR/USD: Unwinding underway - OCBC

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.04 19:10
EUR/USD: Unwinding underway - OCBC

update 2024.11.04 19:10

The Euro (EUR) continued to drift higher as Trump trade unwound. Pair was last seen at 1.0897 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.

EUR faces the risk of a rebound

"Momentum is mild bullish while RSI rose. 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)."

"The move higher remains in line with our view that quite a bit of negativity is in the price of EUR following recent dovish rhetoric out of ECB, softer growth/ economic momentum, USD strength and the fear of Trump win and the threat of that 10-20% tariff. But with much negativity in the price, we do caution for the risk of rebound."


Date

Created

 : 2024.11.04

Update

Last updated

 : 2024.11.04

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

Mexican Peso plummets as Trump closes in on victory

The Mexican Peso (MXN) plummets in its most-heavily traded pairs on Wednesday, especially versus the US Dollar (USD), against which it is down over two percent after results from the US presidential election show Republican nominee Donald Trump extremely close to victory.
New
update2024.11.06 17:35

Not only Harris lost, the euro lost as well - Commerzbank

Not only did the US dollar make significant gains last night.
New
update2024.11.06 17:27

GBP/JPY rises above 198.00 as traders expect BoE to deliver a nominal rate cut in November

GBP/JPY extends its gains for the second successive session, trading around 198.30 during the European hours on Wednesday.
New
update2024.11.06 17:18

China: Looking beyond the NPC meetings - Standard Chartered

With 2024 growth risk ebbing, we think the policy focus has shifted to 2025.
New
update2024.11.06 17:16

Breaking: Trump inches closer to presidency after winning decisive Pennsylvania swing state

Former US president Donald Trump is about to officially win the 2024 US presidential election.
New
update2024.11.06 16:48

Trump speech: Thank the American people for honor of being elected

Donald Trump delivers a speech at the Palm Beach Convention Center after he is widely projected to win the presidency.
New
update2024.11.06 16:41

NZD/USD Price Forecast: Falls toward descending channel's lower boundary near 0.5900

The NZD/USD pair loses ground to near 0.5930 during Wednesday's early European session.
New
update2024.11.06 16:41

Pound Sterling plunges as Trump trades intensify

The Pound Sterling (GBP) plummets to near 1.2850 against the US Dollar (USD) in early London trading hours on Wednesday.
New
update2024.11.06 16:35

German Factory Orders jump 4.2% MoM in September vs. 1.5% expected

Germany's Factory Orders rebounded in September, according to the official data published by the Federal Statistics Office on Monday, suggesting that the German manufacturing sector recovery is back on track.
New
update2024.11.06 16:12

Forex Today: US Dollar rallies as Donald Trump remains on track to win presidency

Here is what you need to know on Wednesday, November 6: The US Dollar (USD) gathers strength early Wednesday as markets react to US presidential election results, with the USD trading at its highest level since early July above 105.00.
New
update2024.11.06 16:10

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel