EUR/USD expected to retreat further – UOB
|FX Strategists at UOB Group sees EUR/USD grinding lower in the next weeks.
Key Quotes
“We highlighted yesterday that “another leg lower towards the major support at 1.0495/00 would not be surprising”. EUR hit an overnight low of 1.0492 and with downward momentum improving quickly; further weakness is expected from here. The next support below 1.0490 is closer to 1.0450/55 even though this level could be out of reach, at least for today (minor support at 1.0475)”.
“EUR tested last week’s 1.0492 low yesterday but failed to break lower. However, the lack of a significant rebound coupled with improving downward momentum suggests that the immediate pressure is still on the downside. From here, a move to 1.0450/55 would not be surprising. Resistance is at 1.0560 but only a move back above 1.0590 would indicate that a short-term low is in place”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.