EUR/USD to reverse lower later this week if 1.11 is not recovered swiftly – OCBC

EUR/USD has found it difficult to sustain north of 1.11. In the view of economists at OCBC bank, the pair’s bounce may have topped off, barring actual improvement on the ground.

Potential to re-engage downside this week

“Near-term positive momentum is still intact, but the swift reversal before the 1.1150 resistance could imply that a top in the bounce may have been seen.”

“Potential to reverse lower later this week if 1.1100 is not recovered swiftly and if there is no clear improvement in the situation on the ground.”