Currency strategists at UOB Group note that EUR / USD remains under downward pressure.
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24-hour view: “We highlighted last Friday that ‘the bias is tilted to the downside’ and the EUR / USD ‘could break 1.1750, but the main support at 1.1730 is unlikely to enter the scene.’ Our expectation did not materialize as EUR / USD moved in a relatively tight range (1.1752 / 1.1787) before closing little changed at 1.1771 (+ 0.01%). Momentum indicators are mostly ‘flat’ and EUR / USD could continue trading quietly. Expected range for today, 1.1750 / 1.1800. “
Next 1-3 weeks: “Last Wednesday (July 21, EUR / USD at 1.1780), we highlighted that EUR / USD ‘is under slight downward pressure and could target lower, but it is too early to expect a move. to the major support at 1.1700. “And we add that” 1.1730 is already quite a strong support level. “Our view was not wrong, as the EUR / USD struggled to break the short-term support at 1.1750 in recent days. Despite lackluster price action, downside risk remains intact. Only a breakout of 1.1835 (no change in the ‘strong resistance’ level) would indicate that the current mild pressure to the downside has eased. “
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