The Euro (EUR) is likely to trade in a sideways range of 1.0950/1.1000. In the longer run, further EUR weakness appears likely; the next two support levels to monitor are 1.0935 and 1.0900, UOB Group Quek Ser Leang and Peter Chia note.
Next two support levels to monitor are 1.0935 and 1.0900
24-HOUR VIEW: “Yesterday, we expected EUR to ‘continue to trade sideways, expected to be in a 1.0950/1.1000 range.’ Our view of sideways trading was not wrong, even though EUR traded in a narrower range between 1.0960 and 1.0996. EUR closed largely unchanged at 1.0980 (+0.05%). Momentum indicators are most flat, and we continue to expect EUR to trade in a sideways range of 1.0950/1.1000.”
1-3 WEEKS VIEW: “Our update from two days ago (07 Oct, spot at 1.0970) still stands. As highlighted, after the sharp drop last Friday, further EUR weakness appears likely. The next two support levels to monitor are 1.0935 and 1.0900. Should EUR break above 1.1045 (no change in ‘strong resistance’ level from yesterday), it would mean that the EUR weakness a week ago has ended.”
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