EUR/USD: 2Q GDP but US Payrolls may matter more – OCBC

The Euro (EUR) continued to inch higher amid broad USD softness, OCBC Frances Cheung and Christopher Wong note.

NFP may move EUR/USD

“Pair was last seen at 1.1110. Bearish momentum on daily chart shows signs of fading while RSI rose slightly. US data risk matters and as such USD moves will dictate direction. Resistance at 1.12 (recent high) and 1.1280 (2023 high).”

“Support at 1.1026 (recent low), 1.10, 1.0930 (61.8% fibo retracement of 2024 high to low). Today brings GDP (Fri). Underwhelming data print could move the needle for markets to price in a more dovish ECB.”