The risk for the euro (EUR) is still down against the US dollar (USD); The weak impulse continues to suggest that 1,1625 is probably out of reach. In the long term, the risk that the EUR decline at 1.1625 is increasing, the FX analysts of the UOB Group, quek being Leang and Peter Chia point.
1,1625 is probably out of reach
24 -hour vision: “In the first Asian session yesterday, when the EUR was in 1,1675, we affirmed that ‘the risk to the EUR is down.’ However, we point out that ‘it does not seem to have enough impulse to achieve the main support in 1,1625.’ We also highlight that ‘the resistance is in 1,1700, followed by 1,1720.’ The EUR then rose to 1,1697, went down to 1,1653 and closed in 1,1663 (-0.22%).
Vision at 1-3 weeks: “We have maintained a negative Vision of the EUR since the beginning of last week. In our last narrative last Friday (July 11, Spot in 1,1685), we emphasize that ‘although there is still no significant increase in impulse, only a break of 1,1755 (Strong resistance level’) would indicate that the current low risk has decreased. ‘ We also emphasize that ‘until then, if the EUR closed below 1,1660, it could potentially trigger a movement towards 1,1625.’ Although the EUR closed in 1,1663 yesterday, the risk that the EUR decline at 1.1625 is increasing.
Source: Fx Street
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