EUR/USD needs to surpass the 1.18 level to change the downtrend – OCBC

The EUR/USD pair is contained at the 1.1750 area. Subsequently, economists at OCBC bank still see the recent race higher as a correction rather than a trend change.

See – EUR/USD: Year-end forecast stands at 1.18 – ABN Amro

Downside still intact while below the 1.1800 level

“EUR/USD failed to make clear headways from the 1.1750 zone, leaving the downtrend still intact.”

“The pair will need to clear the 1.1800 zone to reverse downside bias.”

“We continue to view the bounce as a correction rather than a trend change.”