EUR/USD: Resistance seen at 1.0690, support aligns at 1.0520 – OCBC

EUR/USD fluctuates in a tight range around 1.0600. Economists at OCBC Bank highlight the key technical levels to watch.

Rangebound trade still likely within trend channel

“Daily momentum is showing a mild bearish bias while RSI is flat.”

“Rangebound trade still likely within trend channel.”

“Resistance at 1.0690 (trend upper bound), 1.0750 levels (61.8% fibo retracement of 2022 high to low).”

“Support at 1.0520 (50% fibo), 1.0480 (21DMA) and 1.0340 (200DMA).”

See: EUR/USD has weakened every year in January, February and March since 2019 – SocGen