- Analytics
- News and Tools
- Market News
- EUR/USD: A breakdown of 1.1000 appears not favoured – UOB
EUR/USD: A breakdown of 1.1000 appears not favoured – UOB
In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, a drop below 1.1000 in EUR/USD seems unlikely for the time being.
Key Quotes
24-hour view: Our expectations for EUR to dip to 1.1010 was incorrect as it popped briefly to a high of 1.1106 in NY trade. The current price movement are likely part of a consolidation. Today, we expect EUR to trade sideways in a range of 1.1045/1.1110.
Next 1-3 weeks: We turned negative in EUR last Friday (21 Jul), when it was trading at 1.1135. At that time, we indicated that “any decline is likely to face solid support at 1.1010.”. After EUR dropped to a low of 1.1019, we highlighted yesterday that EUR could dip below 1.1010. We added, “The probability of EUR dropping to the next major support at 1.0965 is not high for now.” We continue to hold the same view. However, it is worth noting that after the rebound yesterday (EUR closed higher for the first time in 6 days), downward momentum has slowed somewhat. Overall, only a breach of 1.1135 (no change in ‘strong resistance’ level) would indicate that 1.1010 is not coming into view.
© 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
