EUR/USD: No positive stance yet – OCBC

Terence Wu, an FX strategists at OCBC Bank, is not convinced yet to confirm a bullish outlook on the EUR/USD pair.

Key quotes

“The EUR/USD bounce approached 1.0900, but still closed below 1.0850. This effectively prevents us from taking a EUR positive stance just yet.” 

“The downgrade of Italy by Fitch may impart some implicit heaviness, especially if it signals further implications on the rest of the Eurozone periphery.” 

“Short-term implied valuations have started to tip northwards. Expect the support and resistance levels at 108.00 and 109.00 for now.”