According to forex strategists at UOB Group, a move below 1.1770 on EUR/USD seems to be losing momentum at the moment.
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24-hour perspective: “Yesterday, we felt that the rapid decline from the high had room to extend further down. Our expectations did not materialize as the EUR was trading quietly between 1.1797 and 1.1832. Momentum indicators are mostly neutral and is EUR likely to trade sideways today, expected to be within 1.1790 / 1.1835 range.”
Next 1-3 weeks: “Two days ago (Sep 14, pair at 1.1810), we highlighted that as long as the EUR remained below 1.1850, there was room for it to close below 1.1770. There is no change in our opinion for now despite the fact that the EUR remains below 1.1770. Quiet prices over the past few days have resulted in a loss of downside momentum, meaning the outlook for the EUR to close below 1.1770 is starting to wane. To reignite momentum the EUR has to move and stay below 1.1790 in these 1-2 days or a break of 1.1850 would not be surprising. (and it would indicate that the EUR could trade sideways for a period of time).
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