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- EUR/USD: Scope for a move to 1.1910 – UOB
EUR/USD: Scope for a move to 1.1910 – UOB
FXStreet reports that FX Strategists at UOB Group noted EUR/USD could grind lower to the 1.1910 area in the next weeks.
Next 1-3 weeks: “We have expected EUR to weaken since last week. In our latest update from Wednesday, we noted that ‘as long as strong resistance at 1.2105 is not breached; a break of 1.2000 would not be surprising and would open up the way for EUR to move lower to 1.1965’. EUR cracked 1.2000 yesterday (04 Feb) and plunged to 1.1956. Momentum remains strong and further EUR weakness towards the next major support at 1.1910 seems likely. All in, the current weak phase in EUR is deemed intact as long as EUR does not move above 1.2055 (‘strong resistance’ level previously at 1.2105).”
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