- Analytics
- News and Tools
- Market News
- Room for a test of 2019 lows in EUR/USD – UOB
Room for a test of 2019 lows in EUR/USD – UOB
EUR/USD remains under pressure and could extend the move lower to yearly lows in the 1.1020/30 band, according to FX Strategists at UOB Group.
24-hour view: “EUR traded in a quiet manner yesterday as it registered a tight range of 28 pips (the 1.1079/1.1107 range was narrower than our expected 1.1075/1.1125). Indicators are mostly ‘flat’ and the current consolidation phase could persist for today. In other words, EUR is expected to continue to trade sideways, likely between 1.1070 and 1.1115”.
Next 1-3 weeks: “EUR dipped briefly yesterday but rebounded after testing Monday’s (19 Aug) low of 1.1065 (overnight low of 1.1064). The price action offers no fresh clues and for now, we continue to hold the view that there is scope for EUR to retest the early August low of 1.1025. As indicated on Monday (19 Aug, spot at 1.1095), it is unclear at this stage whether there is enough momentum to break the crucial 1.1000 level (even though after the lackluster price action over the past two days, the prospect for a break of this level is not high). That said, EUR is expected to stay under pressure unless it can move above 1.1160 (no change in ‘key resistance’ level)”.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
