EUR/USD: Further weakness on the cards – UOB – by pabspiovano EURUSD Currencies Majors Banks
In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, further losses could drag24-hour view: “We expected EUR to weaken yesterday but we were of the view that ‘a sustained decline below 1.0615 is unlikely today’. EUR subsequently edged lower before dropping below 1.0615 in NY trade . Downward momentum has improved, albeit not much. We continue to expect EUR to weaken, even though any decline is expected to encounter solid support at 1.0570.
Next 1-3 weeks: “We have held a negative EUR view since late last week. While our view was not wrong, the decline so far has been patchy. Yesterday , we indicated that while EUR could break below 1.0615, it has to stay below this level before further weakness is likely. EUR took out 1.0615 in NY trade before closing at 1.0601 . The next support is at 1.0570; a clear break of this level could trigger a rapid drop, as the next significant support is some distance away at 1.0485.
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