- Analytics
- News and Tools
- Market News
- EUR/USD keeps the downward bias unchanged – UOB
EUR/USD keeps the downward bias unchanged – UOB
FXStreet reports that in the opinion of FX Strategists at UOB Group, EUR/USD risks further decline in the next weeks.
Next 1-3 weeks: “Yesterday, we highlighted that ‘downward momentum is showing tentative signs of building and a daily closing below 1.1680 would indicate that EUR could break August’s low at 1.1662 and head towards 1.1630’. EUR subsequently dropped to 1.1666 before closing at 1.1681 (-0.11%). While we prefer a weaker daily closing, the price actions suggest that EUR is likely to trade with a downward bias from here. That said, downward momentum still appears to be a bit tentative and the major support at 1.1630 may not come into the picture so soon. On the upside, a break of 1.1745 (no change in ‘strong resistance level from yesterday) would indicate that the current downward bias has eased.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
