EUR/USD: 1.12 holds the downside, small gains expected today – OCBC

EUR/USD is trading at 1.1260, representing a 0.40% gain on the day. Terence Wu, an FX strategist at OCBC Bank, expects the pair to gain some ground today as the floor at 1.12 is held though the bias is skewed to the downside and a break below 1.1160 is set to accelerate the decline.  

Key quotes

“Near-term bias is still skewed to the downside for the EUR/USD, but the ability to hold the 1.1200 floor on Friday should keep the pair on a consolidative, sideways trajectory.” 

“Further downside momentum should only pick up if the pair can breach 1.1160.”

“Slight bias for the pair to lift off the 1.1200 floor for today.”