- Analytics
- News and Tools
- Market News
- EUR/USD risks a probable drop to 1.0720 – UOB
EUR/USD risks a probable drop to 1.0720 – UOB
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang suggest further downside could drag EUR/USD to the 1.0720 region in the next few weeks.
Key Quotes
24-hour view: Our expectations for EUR to break below 1.0765 did not materialise. Instead, EUR traded in a relatively narrow range between 1.0770 and 1.0808 before closing at 1.0794 (+0.19%). Momentum indicators are mostly flat, suggesting EUR is likely to trade sideways today, probably between 1.0770 and 1.0820.
Next 1-3 weeks: We continue to hold the same view as yesterday (04 Sep, spot at 1.0775). As highlighted, there is a tentative buildup of downward momentum. This could cause EUR to edge lower to 1.0720. Looking ahead, EUR must break and stay below 1.0720 before a sustained decline can be expected. On the upside, if EUR breaks above 1.0860, it would mean that the momentum buildup has faded.
© 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
