EUR/USD: Next support is located at 1.1725 – UOB

Pablo Piovano FXStreet

According to FX Strategists at UOB Group, EUR/USD risks further losses while below 1.1850.

Key Quotes

24-hour view: “Our view for EUR to ‘consolidate and trade within a 1.1790/1.1830 range’ was incorrect. EUR popped to a high of 1.1845 during NY session before dropping back down quickly. The rapid decline from the high has scope to extend lower but the prospect for a sustained decline below 1.1770 is not high (there is another support at 1.1790). Resistance is at 1.1820 followed by 1.1835.”

Next 1-3 weeks: “We highlighted yesterday (14 Sep, spot at 1.1810) that as long as EUR stays below 1.1850, there is scope for EUR to close below 1.1770. EUR subsequently popped to a high of 1.1845 before retreating. There is no change in our view for now but EUR has to close below 1.1770 within these 1 to 2 days or the odds for further weakness would diminish quickly. Looking ahead, the next support below 1.1770 is at 1.1725.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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