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- EUR/USD still remains under downside pressure – UOB
EUR/USD still remains under downside pressure – UOB
FXStreet reports that FX Strategists at UOB Group noted EUR/USD still risks further pullbacks in the next weeks.
24-hour view: “We highlighted yesterday that “downward pressure has eased and the risk of a sustained decline in EUR is not high” and we expected EUR to “trade within a 1.1750/1.1800 range”. Our view was not wrong even though EUR traded within a slightly wider range than expected (1.1750/1.1804). The underlying tone has improved somewhat and EUR could edge higher for today. However, any advance is likely limited to a test of 1.1815. The strong resistance at 1.1835 is unlikely to come under threat. Support is at 1.1775 followed by 1.1750.”
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