EUR/USD to plummet towards 1.08 on a break below key support at 1.0950 – OCBC

From the EUR/USD’s perspective, the optimism on the geopolitical front from last week has well and truly faded by now. A break under the 1.0950 mark would open up additional losses toward the 1.08 level, economists at OCBC Bank report.

Potential further sanctions on Russian coal and oil will be EUR-negative

“Potential further sanctions on Russian coal and oil will be EUR-negative, only because it hurts Europe as much as it does Russia.”

“1.0950 will be the key support to watch for, below which the 1.0800 may be a multi-session target.”