- Analytics
- News and Tools
- Market News
- EUR/USD: Room for EUR to test the 1.1080 – UOB Group
EUR/USD: Room for EUR to test the 1.1080 – UOB Group
There is room for the Euro (EUR) to test the 1.1080 level; the next support at 1.1050 is unlikely to come under threat. In the longer run, EUR is likely to edge lower, but any decline is expected to face strong support at 1.1050, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
EUR must remain below 1.1175 to remain bearish
24-HOUR VIEW: “Our view of range trading yesterday was incorrect, as EUR tumbled, closing lower by 0.45% (1.1112). The sharp drop appears to be a tad overdone, but barring a breach of 1.1150 (minor resistance is at 1.1135), there is room for EUR to test the 1.1080 level. The next support at 1.1050 is unlikely to come under threat.”
1-3 WEEKS VIEW: “In our most recent narrative from last Friday (20 Sep, spot at 1.1160), we indicated that ‘the likelihood of EUR breaking above the year-todate high of 1.1200 has increased.’ Yesterday, EUR fell and broke below our ‘strong support’ level of 1.1100, reaching a low of 1.1082. Not only has upward momentum faded, but downward momentum is beginning to build. From here, we expect EUR to edge lower, but any decline is expected to face strong support at 1.1050. To maintain the momentum buildup, EUR must remain below 1.1175.”
© 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
