EUR/USD: Fate hinges on USD – OCBC

Euro (EUR) consolidated overnight in absence of fresh catalyst while markets wait and see US CPI data for any tariff-related implications. EUR was last at 1.1675, OCBC's FX analysts Frances Cheung and Christopher Wong note.

Risks remain skewed to the downside

"Bearish momentum on daily chart intact while the decline in RSI moderated. Risks remain skewed to the downside for now. Next support at 1.1660 levels (21 DMA), 1.1620. If these levels break, then more downside may play out. Next big support at 1.1470 levels (50 DMA)."

"Resistance at 1.1710, 1.1830 levels. For the day, we watch for details from French PM Bayrou with regards to defence spending."