According to UOB Group currency strategists Quek Ser Leang and Peter Chia, Outlook for EUR/USD remains negative and the pair could return to the 1.0855 region In the next weeks.
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24 hour view: “Yesterday we highlighted that EUR/USD ‘could drop below 1.0940, but a sustained break below this level seems unlikely’. And added that ‘next support at 1.0900 is not expected to be threatened’. EUR/ USD did not break 1.0940 until the New York session where it tumbled to a low of 1.0898 Strong downward momentum suggests EUR/USD could weaken further However given oversold conditions it is likely that the next support at 1.0855 is out of reach (there is another support at 1.0880). Resistance is at 1.0930, followed by 1.0960.”
Next 1-3 weeks: “We turned negative on the EUR/USD yesterday (Apr 05, EUR/USD at 1.0975). We indicated that the EUR/USD could drop below 1.0940, but the odds of a break of the next support at 1.0900 are not high. We did not expect the sharp drop after 1.0898 Downside momentum has improved and outlook for EUR/USD remains negative Next level to focus on is 1.0855 A break of 1.0855 would expose important support level at 1.0820 Downside risk is intact as long as EUR/USD does not move above 1.1000 (yesterday’s ‘strong resistance’ level was at 1.1060).”
Source: Fx Street
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