EUR/USD: Further losses remain on the cards below 1.0625 – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “Yesterday, we held the view that EUR could dip to 1.0520 before stabilizing. EUR subsequently dipped to 1.0531 before staging surprisingly robust rebound . The rebound could extend but a sustained rise above 1.0625 is unlikely . Support is at 1.0580, followed by 1.0550.”
Next 1-3 weeks: “We have held a negative EUR view for more than a week. Yesterday , we highlighted that EUR is likely to continue to weaken to 1.0485 as long as it stays below 1.0625. We did not anticipate the to a high of 1.0619 in NY trade. Downward mo strong rebound mentum is waning rapidly. A breach of 1.0625 would suggest that the EUR weakness has ended and it has moved into a consolidation phase.
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