- Analytics
- News and Tools
- Market News
- EUR/USD still seen between 1.1740 and 1.1950 – UOB
EUR/USD still seen between 1.1740 and 1.1950 – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, EUR/USD is expected to keep the trade likely between 1.1740 and 1.1950 in the next weeks.
24-hour view: “Yesterday, we highlighted that there ‘is room for EUR to weaken further to 1.1805’. We added, ‘for today, the next support at 1.1780 is unlikely to come into the picture’. Our view was not wrong as EUR dipped to 1.1800 before recovering quickly. Despite the rapid bounce from the low, upward momentum has improved just a tad. From here, the rebound could extend to 1.1900 but a sustained rise above this level is unlikely (next resistance is at 1.1925). Support is at 1.1840 followed by 1.1820. The 1.1800 low is likely ‘safe’ for today.”
Next 1-3 weeks: “There is not much to add to the update from yesterday (20 Aug, spot at 1.1845). As highlighted, we view the current price action as the early stages of a consolidation phase. For these couple of weeks, EUR is likely to trade between 1.1740 and 1.1950. In view of the still overbought conditions, the downside risk appears to be greater but EUR has to close below 1.1740 in order to indicate the start of a more sustained and deeper pull-back in EUR.”
© 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
