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- EUR/USD still poised for further pullbacks – UOB
EUR/USD still poised for further pullbacks – UOB
FXStreet reports that in the opinion of FX Strategists at UOB Group, EUR/USD still risks extra downside in the next weeks.
Next 1-3 weeks: “On Wednesday, we highlighted that EUR ‘is under mild downward pressure and could edge lower but it is too soon to expect a move to the major support at 1.1700’. We added, ‘a break of 1.1835 would indicate the current mild downward pressure has eased’. There is no change in our view for now as EUR popped briefly to 1.1830 yesterday before dropping back down. From here, EUR could edge lower but it still appears too soon to expect a decline to 1.1700. On a shorter-term note, 1.1730 is already quite a strong support level. All in, the current mild downward pressure is deemed intact as long as EUR does not move above 1.1835 (no change in in ‘strong resistance’ level).”
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