EUR/USD risks a deeper drop below 1.0655 – UOB – by pabspiovano EURUSD Currencies Majors Banks
is likely on a sustained breach of the 1.0655 level, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “Our view for EUR to trade within a range of 1.0695/1.0775 was incorrect as it dropped to 1.0659 before rebounding to close at 1.0689 . While the rebound amid oversold conditions has reduced the likelihood of further declines, EUR may test the 1.0655 support level before a more sustained recovery is likely. The major support at 1.
Next 1-3 weeks: “We highlighted yesterday that the recent EUR weakness has ended and EUR has moved into a consolidation phase and is likely to trade between 1.0655 and 1.0815. We did not anticipate the rapid manner in which EUR moved towards the bottom of the expected range . Downward momentum is building again but EUR has to break and stay below 1.0655 before a sustained decline is likely. The chance of a sustained decline will increase as long as EUR does not move above 1.
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