EUR/USD rangebound still in play – Danske Bank

Analyst at Danske Bank Thomas Rosenlund noted the pair should stick to the consolidative theme as long as 1.0670/1.0700 holds.

Key Quotes

“EUR/USD has moved higher on the back of the CNH short squeeze and Fed worries about the strong USD in the minutes from the meeting in December”.

“In addition, long USD positioning has clearly been cleared out across the board”.

“The 14-day RSI and MACD in EUR/USD are turning higher close to neutral territory, warning of further near-term gains. However, as long as key resistance around 1.0650-1.0700 holds, the recent trading range between 1.0350-1.0700 is still in play”.