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- EUR/USD faces the next support at 1.1630 - UOB
EUR/USD faces the next support at 1.1630 - UOB
FXStreet reports that FX Strategists at UOB Group noted that EUR/USD risks a move to 1.1630 ahead of 1.1600 in the next weeks.
24-hour view: “We highlighted yesterday that EUR ‘could weaken further but oversold conditions suggest a sustained decline below 1.1660 is unlikely’. We noted that the next support is at 1.1630. The subsequent weakness exceeded our expectation as EUR dropped to a low of 1.1649 before closing on a soft note at 1.1659 (-0.40%). Downward momentum is showing some signs of slowing but there appears to be room for EUR to dip below the major support at 1.1630.”
Next 1-3 weeks: “We noted yesterday (22 Sep, spot at 1.1765) that the ‘rapid improvement in downward momentum suggests EUR could weaken further towards the next major support at 1.1695’. While our view was correct, we did expect 1.1695 to come into the picture so soon (EUR dropped to an overnight low of 1.1690). Downward momentum has improved further and the risk is still on the downside. From here, the next support is at 1.1630 followed by 1.1600.”
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