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26.07.2021, 06:21

EUR/USD: A drop to 1.1700 looks premature – UOB

FXStreet reports that FX Strategists at UOB Group noted EUR/USD still remains under downside pressure.

Next 1-3 weeks: “Last 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, ‘1.1730 is already quite a strong support level’. Our view was not wrong as EUR struggled to break the short-term support at 1.1750 over the last few days. Despite the lackluster price actions, the downside risk remains intact. Only a break of 1.1835 (no change in in ‘strong resistance’ level) would indicate that the current mild downward pressure has eased.”

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