EUR/USD: A drop below 0.9900 looks unlikely – UOB – by pabspiovano EURUSD Banks Currencies Majors
24-hour view: “We expected EUR to ‘trade sideways within a range of 0.9965/1.0040’ last Friday. EUR subsequently dipped briefly to 0.9943, rebounded to 1.0036 before closing at 1.0015 . The underlying tone has improved slightly and we see room for EUR to edge higher today. However, any advance is unlikely to challenge the major resistance at 1.0070 . Support can be found at 0.9995 and 0.9970.”
Next 1-3 weeks: “Our latest narrative from last Wednesday still stands. As highlighted, EUR is under pressure but at this stage, a sustained decline below the major support at 0.9900 appears unlikely. On the upside, a breach of 1.0070 would indicate that the current downward pressure has eased.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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