EUR/USD: Maybank restates its short-term bearish expectations

Maybank reminds us of its bearish expectations regarding the EUR/USD in the short term.

"Even though German Chancellor Angela Merkel won a fourth term, the EUR retreated on the forex following the surge of the right-wing AfD party in the Sunday elections.

The bearish momentum of the EUR/USD on the daily chart remains unchanged. We repeat that a sustained close under the resistance level at 1.19 (21-day moving average) should strengthen the bearish correction. The next support level comes at 1.1810 (50-day moving average) ahead of 1.1680.

The resistance level is at 1.2040, ahead of 1.21."