- Analytics
- News and Tools
- Market News
- EUR/USD: Dwindling bets for a close below 0.9900 – UOB
EUR/USD: Dwindling bets for a close below 0.9900 – UOB
The chances for EUR/USD to close below 0.9900 seem to have lost traction in past sessions, note FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “Yesterday, we expected EUR to break 0.9900 but we were of the view that ‘the next support at 0.9850 is unlikely to come under threat’. While our view was not wrong as EUR dropped to 0.9875, we did not expect the subsequent strong bounce from the low. The rebound has scope to extend but is unlikely to break the strong resistance at 1.0005 (there is another resistance at 0.9975). Support is at 0.9925 followed by 0.9890.”
Next 1-3 weeks: “Last Friday (02 Sep, spot at 0.9945), we highlighted that the risk for EUR has shifted to the downside. We added, EUR has to close below the major support at 0.9900 before a sustained decline is likely. Yesterday (05 Sep), EUR dropped to a fresh multi-year low of 0.9875 before rebounding to close at 0.9926 (-0.25%). There is no change in our view for now even though after the strong rebound in NY yesterday, the odds for EUR to close below 0.9900 have diminished. On the upside, a break of the ‘strong resistance’ at 1.0005 (no change in level from yesterday) would indicate that the next support at 0.9850 is not coming into the picture.”
© 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
