- Analytics
- News and Tools
- Market News
- EUR/USD risks a deeper drop near term – UOB
EUR/USD risks a deeper drop near term – UOB
UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang suggest EUR/USD could accelerate its losses if 1.0570 is breached.
Key Quotes
24-hour view: “Yesterday, we expected EUR to weaken further even though we were of the view that ‘any decline is expected to encounter solid support at 1.0570’. Our view was not wrong as EUR edged to a low of 1.0575 in NY trade before recovering slightly to end the day little changed at 1.0595 (-0.06%). While downward momentum has not improved much, the bias for EUR is still on the downside even though it remains to be seen if it can maintain a foothold below the major support at 1.0570. On the upside, a breach of 1.0640 (minor resistance is at 1.0620) would indicate that the current downward pressure has eased.”
Next 1-3 weeks: “Our update from yesterday (23 Feb, spot at 1.0600) still stands. As highlighted, EUR is likely to weaken further. A break of the major support at 1.0570 could trigger a rapid drop, as the next significant support is some distance away at 1.0485. Overall, only a breach of 1.0670 (‘strong resistance’ level was at 1.0690 yesterday) would indicate that the EUR weakness that started late last week has ended.”
© 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
