In the opinion of UOB Group currency strategists, the EUR/USD yet you risk a further drop in the next few weeks.
Featured statements
24-hour perspective: “Yesterday we considered that the EUR could target higher, but any advance would likely be limited to a test of 1.1815. We indicated that the strong resistance at 1.1835 was unlikely to be threatened. The EUR briefly rose to a high of 1.1830 during the hours. London before declining rapidly again (the low was 1.1756) .The downside momentum has improved a bit and the bias for today is sloping down. A break of 1.1750 is not ruled out, but the main support at 1.1730 is unlikely to enter the picture. The resistance is at 1.1795 followed by 1.1820.”
Next 1 to 3 weeks: “On Wednesday (July 21, pair at 1.1780), we highlighted that the euro was under slight downward pressure and could border lower, but it was too early to expect a move towards 1.1700 support. We add that a break of 1.1835 would indicate that the current slight downward pressure has eased. There is no change in our opinion for now as the EUR briefly jumped to 1.1830 yesterday before declining again. As of here, the euro could go down, but it still seems too early to expect a decline to 1.1700. On a short-term note, 1.1730 is already a pretty strong support level. Ultimately, the current mild downward pressure is considered intact as long as the single currency moves above 1.1835 (no change at the ‘strong resistance’ level).
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
