EUR/USD to head lower towards the 1.17 mark – OCBC

EUR/USD is hovering around 1.18. The pair is set to trade within a 1.17-1.19 range in the coming sessions but analysts at OCBC Bank are biased towards the 1.17 level.

See – EUR/USD: The next big break is through 1.20 – TDS

Biased south

“Fed expectations are still the main determinant for the pair, but a clear market conviction on either side is still lacking.”

“1.1700 and 1.1900 are the respective targets for the different sides of the divide, but they may also be the respective takeprofit levels. This leaves the pair likely range-bound in a multi-session horizon.”

“Our bias is towards 1.1700.”