- Analytics
- News and Tools
- Market News
- EUR/USD: Further decline now looks unlikely – UOB
EUR/USD: Further decline now looks unlikely – UOB
Further consolidation could see EUR/USD trade within the 0.9900-1.0090 range in the next weeks, suggest FX Strategist at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the rebound in EUR has room to extend to 1.0030’. We added, ‘the next resistance at 1.0090 is unlikely to come into view’. Our expectations did not quite materialize as EUR rose to 1.0029, dropped to 0.9929 before rebounding to end the day little changed at 0.9994 (-0.05%). The underlying tone still appears to be a tad firm and the bias for today is tilted to the upside. However, any advance is unlikely to break the major resistance at 1.0090 (there is another resistance at 1.0055). Support is at 1.0000 followed by 0.9975.”
Next 1-3 weeks: “There is no change in our view from yesterday (08 Sep, spot at 0.9990). As highlighted, the recent downside risk has dissipated. The current movement is likely part of a consolidation phase and EUR is likely to trade between 0.9900 and 1.0090 for now.”
© 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
