The currency strategists of UOB Group noted that the EUR / USD risks a further decline in the coming weeks.
24 hour perspective: “Yesterday we held the view that there was room for the EUR to fall below 1.2060, but any weakness would be considered part of a 1.2050 / 1.2130 range. The subsequent decline exceeded our expectations as the euro fell to 1.2026. Downward momentum has improved, although not much. There is scope for the EUR to fall below 1.2020 before a recovery can be expected. For today, the next support at 1.1985 is unlikely to be threatened.. On the upside, a breakout of 1.2090 (minor resistance is at 1.2070) would indicate that the current bearish pressure has eased. ”
Next 1-3 weeks: “Not much to add to our update yesterday (March 1, par at 1.2085). As highlighted, the downside risk had increased and the EUR could fall to 1.2020. Subsequently, the euro fell to 1.2026 and the risk remains to the downside. A breakout of 1.2020 would shift focus to 1.1985. The RThe current downside risk is considered intact as long as it does not exceed 1.2135 (The ‘strong resistance’ level was at 1.2170 yesterday) “.
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