- Analytics
- News and Tools
- Market News
- EUR/USD risks a deeper pullback below 1.0470 – UOB
EUR/USD risks a deeper pullback below 1.0470 – UOB
According to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, further weakness lies ahead for EUR/USD on a break below 1.0470.
Key Quotes
24-hour view: “Yesterday, we highlighted that EUR ‘could edge lower but any weakness is expected to encounter support at 1.0500’. EUR did not quite ‘edge lower’ as it plummeted to 1.0500, rebounded quickly to 1.0576 before dropping back down to close slightly lower at 1.0511 (0.15%). Despite the choppy price actions, the underlying tone has softened and the bias for today is on the downside. However, the chance of EUR breaking the major support at 1.0470 is not high. Resistance is at 1.0540 followed by 1.0560.”
Next 1-3 weeks: “Last Friday (06 May, spot at 1.0540), we highlighted that EUR has to close below the solid support at 1.0470 before a sustained decline is likely. There is no change in our view for now even though shorter-term downward momentum has weakened a tad and the chance for EUR to close below 1.0470 has increased slightly. Overall, only a break of 1.0605 would indicate that the chance for EUR to close below 1.0470 has dissipated. Looking ahead, the next support below 1.0470 is at 1.0420.”
© 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
