The EUR / USD could return to the 1.1800 zone in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Although we expected EUR / USD to weaken yesterday, we note that ‘in view of oversold conditions, any weakness is likely to be limited to 1.1825’. However, EUR / USD did not reach 1.1825 as it rallied after touching 1.1836 Momentum to the downside has subsided a bit, but risk remains to the downside. From here on, EUR / USD could drop below 1.1825, but the next big support at 1.1800 is likely to be out of reach. Resistance is at 1.1865 followed by 1.1885. “
Next 1-3 weeks: “There is not much to add to our update yesterday (July 1, EUR / USD at 1.1855). As highlighted, the EUR / USD is likely to trade a bearish bias towards 1.1800. Right now, the Chances of a sustained decline below this level are not high. Looking ahead, if EUR / USD breaks below 1.1800, the next support is at 1.1770. Ultimately, EUR / USD is expected to remain under pressure. unless it can overcome the ‘strong resistance’ at 1.1915 (no level change since yesterday) “.
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