EUR/USD risks a potential breakdown of 1.0615 – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “Yesterday, we held the view that EUR ‘is likely to consolidate between 1.0660 and 1.0710’. Instead of consolidating, EUR traded in a relatively choppy manner as it popped to a high of 1.0697, dropped quickly to 1.0636 before closing at 1.0646 . Downward momentum has improved a tad and EUR is likely to edge lower. In view of the lackluster momentum, a sustained decline below the major support at 1.0615 is unlikely today. Resistance is at 1.0670, followed by 1.0695.
Next 1-3 weeks: “In our latest narrative from two days ago , we highlighted that ‘downward momentum has waned and the likelihood of a sustained decline in EUR below 1.0615 is not high’. Yesterday, EUR dropped to 1.0636 before settling at 1.0646 . Downward momentum has increased, albeit not much. While EUR could break below 1.0615, it has to stay below this level before further weakness is likely. Overall, only a breach of 1.
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