- Analytics
- News and Tools
- Market News
- EUR/USD: Diminishing bets for a test of 1.1500 – UOB
EUR/USD: Diminishing bets for a test of 1.1500 – UOB
In opinion of FX Strategists at UOB Group, the downward momentum in EUR/USD seems to be losing some traction.
Key Quotes
24-hour view: “We highlighted yesterday that EUR ‘could edge higher but any advance is unlikely to break the resistance at 1.1605’. EUR subsequently rose to 1.1587 before easing off. The underlying tone has softened somewhat and EUR could drift lower. While EUR could dip below last week’s low at 1.1527, the major support at 1.1500 is not expected to come into the picture. Resistance is at 1.1565 followed by 1.1585.”
Next 1-3 weeks: “Our update from yesterday (11 Oct, spot at 1.1570) still stands. As highlighted, downward momentum is beginning to wane and the odds for EUR to move to 1.1500 have diminished. A break of 1.1605 (no change in ‘strong resistance’ level) would indicate that the weak phase that started about 2 weeks ago has run its course.”
© 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
