- Analytics
- News and Tools
- Market News
- EUR/USD could weaken to the 1.0860 region – UOB
EUR/USD could weaken to the 1.0860 region – UOB
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group note there is scope for EUR/USD to retreat to the 1.0860 zone in the near term.
Key Quotes
24-hour view: We held the view yesterday that EUR “could drop to 1.0900 before stabilisation is likely.” In London trade, EUR dropped to 1.0910 and then rebounded to close little changed in NY (1.0944, +0.07%). EUR appears to have moved into a consolidation phase, and it is likely to trade in a range of 1.0920/1.0985 today.
Next 1-3 weeks: Our update from yesterday (03 Aug, spot at 1.0940) still stands. As highlighted, after EUR broke below the strong support at 1.0920 on Wednesday (02 Aug), there was a boost in momentum. This boost in momentum is likely to lead to EUR weakening further to 1.0865. On the upside, if EUR breaks above the ‘strong resistance’ level at 1.1020 (no change in level), it would indicate that the EUR weakness that began in the middle of last week has stabilised.
© 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
