EUR/USD: More downside impetus on a break below 1.17 – OCBC

With the EUR off highs against the USD, Terence Wu, FX Strategists at OCBC Bank, continues to stay negative on the EUR/USD pair. EUR/USD trades lifeless near 1.1740 and the strategist expects the 1.1700 level to attract.

Key quotes

“German CPI was in-line with expectations, but the ZEW survey was significantly more pessimistic than expected. This highlights the macro challenges facing the Eurozone amid their battle to re-contain the virus outbreak.”

“With the support at 1.1800 breached, expect 1.1700 to attract, with more downside impetus if that level is also taken out.”