EUR/USD: Solid support emerges at 1.0790 – UOB – by pabspiovano EURUSD Currencies Majors Banks
UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang note further downside in24-hour view: “We did not expect the rapid drop in EUR to 1.0830 . While the sharp drop appears to be running ahead of itself, there is scope for EUR to retest the 1.0830 level before a more sustained rebound is likely. The next major support at 1.0785 is unlikely to come into view. On the upside, a breach of 1.0895 would suggest that 1.0830 is not coming back into view for now.
Next 1-3 weeks: “Yesterday , we held the view that EUR is likely to consolidate between 1.0870 and 1.0970 before heading higher at a later stage. We did not anticipate the rapid drop below 1.0840 . Downward momentum has improved somewhat and EUR is likely to edge lower for the time being. In view of the mild downward pressure, any decline is likely limited to a test of 1.0785. EUR is likely to edge lower as long as it stays below the ‘strong resistance’ level, currently at 1.
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