EUR/USD: Downward momentum loses traction – UOB – by pabspiovano EURUSD Currencies Majors Banks
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group suggest a sustained decline in24-hour view: “We highlighted yesterday that EUR ‘is unlikely to weaken further’ and we expected it to ‘consolidate within a range of 1.0650/1.0720’. Our view was not wrong even though EUR traded within a narrower range than expected . The muted price actions offer no fresh clues and EUR could continue to consolidate, likely between 1.0660 and 1.0710.
Next 1-3 weeks: “We have held a negative view in EUR since last Thursday. After EUR dropped to 1.0611 and rebounded strongly, we indicated yesterday that that downward momentum has waned somewhat and the likelihood of a sustained decline in EUR below 1.0615 is not high. We continue to hold the same view. Overall, only a breach of 1.0740 would indicate that the current downward pressure has eased. To put it another, a breach of 1.
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