Market news
04.09.2019, 07:45

EUR/USD still room for a test of 1.0900 – UOB

FX Strategists at UOB Group suggest there is still a possibility for EUR/USD to visit the 1.0900 area in the next weeks.

  • "24-hour view: Yesterday, we expected EUR to “drift lower” but were of the view that “the 1.0930 support is unlikely to come under serious threat”. While EUR moved below 1.0930, it staged a robust rebound after touching 1.0924. Downward momentum has eased with the recovery and the 1.0924 low is deemed a short-term bottom. For today, EUR is expected to trade sideways above 1.0924, likely between 1.0940 and 1.1010.
  • Next 103 weeks: While the 1.0930 level that was first highlighted on Monday (02 Sep, spot at 1.0990) came into the picture sooner than expected, the rapid bounce from 1.0924 yesterday (03 Sep) has dented the downward momentum in EUR. For now, there is still chance (albeit not very high) for EUR to test the next support at 1.0900. Overall, the decline in EUR could not afford to ‘dither’ as a prolonged consolidation around these levels would lead to a rapid loss in momentum. On the upside, a break of 1.1045 (no change in ‘key resistance’ level) would indicate that the current weakness in EUR has stabilized."

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location