EUR/USD could see accelerated decline below 1.0950 in the short term, currency strategists at UOB Group suggest.
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24 hour view: Yesterday we highlighted that ‘there is room for EUR/USD to fall below the main support at 1.0950’, but we are of the opinion that ‘a sustained decline below this level is unlikely’. Our view turned out to be correct as EUR/USD dipped as low as 1.0943 before quickly rallying. The current move is likely to be part of a consolidation phase and EUR/USD is likely to move sideways between 1.0960 and 1.1025.”
Next 1-3 weeks: “Yesterday we highlighted that downside momentum is starting to build, but EUR/USD has to close below 1.0950 before a sustained decline is likely. EUR/USD subsequently dipped as low as 1.0943 before rallying. There is no No change in our opinion for now, but a break of 1.1070 (‘strong resistance level’ was at 1.1130 yesterday) would indicate that the momentum build-up has faded.”
Source: Fx Street
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