According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, a sustained move below 0.9900 in EUR/USD does not look favorable for now.
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24 hour view: “We expected EUR/USD to “trade sideways within a range of 0.9965/1.0040″ last Friday. EUR/USD subsequently fell briefly to 0.9943, bounced back to 1.0036 before closing at 1.0015 (+0.16%). The Tone Core has improved slightly and we see room for EUR/USD to rise today. However, any advance is unlikely to challenge the main resistance at 1.0070 (there is another resistance at 1.0050). Support is found at 0.9995 and 0.9970.”
Next 1-3 weeks: “Our latest account from last Wednesday (Sep 14, EUR/USD at 0.9980) still stands. As we have highlighted, EUR/USD is under pressure, but at this point a sustained decline below major support at 0.9900 To the upside, the breakout of 1.0070 (unchanged from last Friday’s “strong resistance” level) would indicate that the current bearish pressure has eased.”
Source: Fx Street
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