EUR/USD set for a firmer test of the 1.1700 level – OCBC

On Wednesday, the EUR/USD pair based out at 1.1704 before turning higher though the up move ran out of steam at the 1.1750/60 region. France is set to enter a four-week nationwide lockdown while Italy is entering several days of stricter limits to movements around Easter. Therefore, economists at OCBC Bank, remain pro-USD against the EUR. 

EUR/USD southbound

“The EUR/USD pair based out at 1.1704, but the subsequent bounce was also capped at 1.1750/60.” 

On the ground, France and Italy looked to extend their lockdown measures, although the negatives were offset by vaccine deliveries hitting targets.” 

“For now, the bias remains for a firmer test of the 1.1700 support.”