EUR/USD: Bears are set to retest the 1.0835 support – UOB Group
|The Euro (EUR) is expected to trade sideways, probably in a range of 1.0835/1.0870. EUR is likely to trade with a downward bias; the 1.0815 level is expected to provide solid support, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
The support at 1.0835 is the current magnet
24-HOUR VIEW: “Last Friday, we noted that ‘the price movements are likely part of a sideways trading phase,’ and we expected EUR to trade between 1.0830 and 1.0870. In line with our expectations, EUR traded sideways, albeit in a narrower range of 1.0840/1.0868. The price action provides no fresh clues, and we continue to expect EUR to trade sideways, probably in a range of 1.0835/1.0870.”
1-3 WEEKS VIEW: “Our most recent narrative was from last Wednesday (24 Jul, spot at 1.0850), EUR ‘is likely to trade with a downward bias, but the 1.0815 level is expected to provide solid support.’ While EUR has not been able to make much headway on the downside, as long as 1.0890 (no change in ‘strong resistance’ level from yesterday) is not breached, we will continue to hold the same view. Looking ahead, if EUR breaks clearly below 1.0815, the next level to watch is 1.0760.”
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