EUR/USD: Break below 1.10 to open the door towards the 1.0850/00 area – OCBC

The EUR/USD continued to edge towards the 1.1000 base. A break below here would clear the way for additional losses to the 1.0850/00 zone, economists at OCBC Bank report.

Short-term implied valuations are near the 1.0850 vicinity

“The pair touched lows at 1.1010, and may well be on track for a sterner test of the support.”

“Even if the pair does not breach 1.1000 on the weekly close, expect the level to stay under pressure next week.”

“Beyond 1.1000, look towards the 1.0800/50 zone for the next level of support.”

“Our short-term implied valuations are already near the 1.0850 vicinity.”

See – EUR/USD: Break below 1.10 to clear the way towards key long-term support at 1.0884 – MUFG