In the opinion of economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, further losses could drag EUR/USD below 1.0500 in the coming weeks.
Featured Comments
24 hour view: “We expected EUR/USD to weaken yesterday, but were of the opinion that ‘a sustained drop below 1.0615 is unlikely today’. EUR/USD subsequently turned lower before falling below 1.0615 during the American session (the low has 1.0597) Bearish momentum has improved but not much We continue to expect EUR/USD to weaken although any dip is expected to find solid support at 10570 To the upside a break of 1.0655 (minor resistance is at 1.0625) would indicate that EUR/USD weakness has stabilized.”
Next 1-3 weeks: “We have held a negative view on EUR/USD since the end of last week. While our view was not wrong, the decline so far has been patchy. Yesterday (Feb 22, EUR/USD at 1.0650), we indicated that, although EUR/USD could break below 1.0615, it has to stay below this level before further weakness is likely During the American session yesterday, EUR/USD broke 1.0615 and closed at 1.0601 (-0.42%) Next support is at 1.0570, a clear break of this level could trigger a quick drop as the next significant support is some distance away at 1.0485, overall only a break of 1.0690 (the “resistance” level strong” was at 1.0725 yesterday) would indicate that the EUR/USD would not weaken further.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
