EUR/USD is likely to stay in a consolidation stage – OCBC

EUR/USD seems to have gone into a consolidation phase. The pair is set to move sideways awaiting a fresh catalyst, in the view of analysts at OCBC Bank.

Sideways

“Daily momentum remains bullish though rise in RSI slowed. Sideways trade likely in absence of a fresh catalyst.”

“Immediate resistance at 1.0010 (50 DMA), 1.0050 levels. Support at 0.9890 (21 DMA), 0.9860 levels.”

“European Commission’s Ursula von der Leyen called for boosting common funding for EU’s strategy to shift away from Russian fossil fuel while also signalled that she’s open to discussing a temporary broad price cap on gas.”

See – EUR/USD: Parity becomes a tough nut to crack – ING