EUR/USD risks further decline near term – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We expected EUR to trade in a range of 1.0935/1.1000 yesterday. However, EUR traded between 1.0915 and 1.0983 before closing slightly lower at 1.0954 . The underlying tone has softened and EUR is likely to edge lower today. However, any decline is unlikely to break 1.0900. Resistance is at 1.0980, followed by 1.1000.”
Next 1-3 weeks: “Our latest narrative from two days ago is still valid. As highlighted, downward momentum appears to be building, albeit tentatively. EUR is likely to trade with a downward bias but any decline is expected to face solid support at 1.0830. Overall, only a breach of 1.1025 would indicate that the build-up in momentum has fizzled out.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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