EUR/USD appears supported around 1.06 – BBH

EUR/USD seems to have found some solid support around the 1.0600 handle, suggested analysts at UOB Group.

Key Quotes

“The euro was among the poorest performers among the major currencies last week, gaining 0.25%. However, there was little enthusiasm to sell the euro below $1.06, where the trend line drawn off the January and March lows comes it”.

It is not traded above $1.07 yet in April. The Slow Stochastics have turned higher, and the MACDs also look poised to turn in the coming days”.

“The $1.0680-$1.0700 offer initial resistance, and to be sure, cautiousness may prevail ahead of the French presidential election. Above there, potential extends toward $1.0740, and possibly $1.0780. The latter may be a bit of a stretch, but reachable if the deadlocked French polls shift back to Macron or if US yields fall further after the soft US CPI and headline retail sales before the weekend”.