EUR/USD: Decisive break above 1.0930 could usher in greater momentum toward 1.1030 – OCBC

EUR/USD retreated slightly after having climbed above 1.0900 on Monday. A sustained break above 1.0930 would clear the way toward 1.1030, economists at OCBC Bank report.

Bias to buy dips

“EUR reversed its earlier losses overnight amid USD softness. But the rise above 1.09-handle was stalled in its tracks again. This is the fourth time in two weeks that EUR’s rally had stalled at again.” 

“Bullish momentum on daily chart intact though there are tentative signs of it easing while RSI fell.”

“Support at 1.0780, 1.0730 levels (21, 50-DMAs) before 1.0650 (100-DMA).” 

“Bias to buy dips.”

“Key resistance remains at 1.0930 (triple top). Decisive break above could usher in greater momentum towards 1.1030 (2023 high).”