The EUR/USD ended flat on the day, bouncing off the 1.1700 take-profit level ahead of risk events. Beyond the immediate horizon, downside risks still outweigh upside for now for the pair, according to economists at OCBC Bank.
Sell on rallies
“Technicals, underlying risk-off, and the pending FOMC decision all conspire to keep the pair weighted lower.”
“Continue to prefer to sell on rallies, especially towards 1.1800, targeting 1.1680/00.”