EUR/USD could weaken below 1.0500 – UOB – by pabspiovano EURUSD Currencies Majors Banks
Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group hinted at the likelihood that24-hour view: “Our view last Friday was that ‘the bias for EUR is still on the downside even though it remains to be seen if it can maintain a foothold below the major support at 1.0570’. EUR cracked 1.0570 easily and dropped to 1.0534 before settling at 1.0546 . While downward momentum is showing tentative signs of slowing, EUR could dip to 1.0520 before stabilizing. The major support at 1.
Next 1-3 weeks: “We have expected EUR to weaken for more than a week now. In our latest narrative from last Friday, we indicated EUR ‘is likely to weaken further’. We added, ‘a break of the major support at 1.0570 could trigger a rapid drop, as the next significant support is some distance away at 1.0485’. EUR took out 1.0570 in Ldn trade even though the subsequent decline was not as sharp as expected. However, as long as EUR stays below 1.0625 , it is likely to continue to weaken toward 1.0485.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD eyes more downside below 1.0540 as US PCE propels hawkish Fed betsThe EUR/USD pair is juggling in a narrow range above 1.0540 in the early Asian session. The major currency pair is likely to show more weakness after
Read more »
EUR/USD Price Analysis: Looks set for a breakdown below 1.0540The EUR/USD pair is displaying a lackluster performance around 1.0550 in the Asian session. The volatility in the major currency pair has squeezed aft
Read more »
EUR/USD: Weekly Forecast 26th February - 4th MarchSpeculators anticipating a sudden reversal higher in the EURUSD last week saw no evidence of upwards buying action being able to take hold- trading forextrading
Read more »
Pairs in Focus This Week \u2013 EUR/USD, GBP/USD, USD/JPY, AUD/USGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of February 26th, 2022 here.
Read more »
EUR/USD skates on thin ice around 1.0550 amid hawkish ECB talks, higher Fed rate concernsEUR/USD skates on thin ice around 1.0550 amid hawkish ECB talks, higher Fed rate concerns – by anilpanchal7 EURUSD ECB Fed RiskAppetite Ukraine
Read more »
EUR/USD bears flex muscles above 1.0500 ahead of US Durable Goods OrdersEUR/USD bears poke the 1.0540-30 support confluence surrounding the seven-week low amid the lackluster markets heading into Monday’s European session.
Read more »