EUR/USD: Further weakness loses traction – UOB – by pabspiovano EURUSD Currencies Majors Banks
seems to be running out of steam, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We indicated last Friday that EUR “could drop below the major support at 1.0965.” However, we were of the view that “it might not be able to maintain a foothold below this level.” We also indicated that “The next support at 1.0920 is unlikely to come into view.” While our view was not wrong, as EUR dropped to a low of 1.
Next 1-3 weeks: We highlighted last Friday that EUR must break and stay below the major support at 1.0965 before further weakness is likely. While EUR then broke below 1.0965, it rebounded strongly from 1.0942 and ended the day higher by 0.38% . Downward momentum has eased somewhat, but only a breach of 1.1070 would indicate that EUR is not weakening further. Looking ahead, the next support is at 1.0920. Meanwhile, overbought short-term conditions could lead to a couple of days of consolidation.
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