- Analytics
- News and Tools
- Market News
- EUR/USD: A drop to 1.0615 should not be ruled out – UOB
EUR/USD: A drop to 1.0615 should not be ruled out – UOB
According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, EUR/USD risks a potential drop to the 1.0615 level in the next few weeks.
Key Quotes
24-hour view: “Yesterday, we held the view that EUR ‘appears to have entered a consolidation phase and it is likely to trade between 1.0680 and 1.0780’. Our view for consolidation was not wrong but EUR traded within a narrower range than expected (1.0708/1.0760). The underlying tone has softened somewhat. While EUR is likely to edge lower today, it is unlikely to break 1.0665 (minor support is at 1.0690). On the upside, a breach of 1.0760 (minor resistance is at 1.0740) would indicate that the current mild downward pressure has eased.”
Next 1-3 weeks: “Our narrative from two days ago (07 Feb, spot at 1.0725) still stands. As highlighted, further EUR weakness is likely but oversold short-term conditions could slow the pace of any further decline. The next level to monitor is at 1.0615. The downside risk in EUR is intact as long as it does not break above 1.0810 (‘strong resistance’ level was at 1.0850 yesterday).”
© 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
