EUR/USD: 1.1350 proves to be a tough resistance – OCBC

EUR/USD is flirting with daily lows around the 1.13 level amid a broad-based US dollar recovery. Terence Wu, an FX strategist at OCBC Bank, notes that the pair is unable to demolish the 1.1350 barrier and sets support at 1.1280.

Key quotes

“The EUR/USD extension is again thwarted at 1.1350, reinforce that level as a firm resistance. Any breach of that level should target 1.1420/30.”

“On the flipside, the expect support at 1.1280. For now, prefer to wait for a range break for a firmer signal on the next leg of directionality.”