In the opinion of the UOB Group’s currency strategists, EUR / USD risks a likely move to the 1.1665 level In the next weeks.
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24 hour view: “Yesterday we considered that EUR / USD ‘could go down, but a sustained break below 1.1700 is unlikely.’ We highlighted that resistance was at 1.1740, followed by 1.1755. EUR / USD rose to a high of 1.1755 during the session. US before rapidly falling to a low of 1.1682. Despite the rapid decline, the downside momentum has not improved much. While risk remains to the downside, higher support at 1.1665 may be out of reach. today (there is minor support at 1.1680). Resistance is at 1.1710, followed by 1.1725. “
Next 1-3 weeks: “We highlighted yesterday (September 22, EUR / USD at 1.1725) that ‘the weak phase in EUR / USD remains intact, but the odds of a decline to the August low near 1.1665 are not high.’ plummeted to 1.1682 before closing at 1.1686 (-0.32%). Momentum to the downside has improved, although not as much. In light of the improvement in momentum, a breakout of 1.1665 would not be surprising, but it remains to be seen whether the EUR / USD may find a foothold below this level. To look at it another way, the next major support at 1.1605 is unlikely to enter the scene this time. In general, the weak phase that started about two weeks ago is considered intact. as long as the EUR / USD does not move above 1.1755 (the ‘strong resistance’ level was at 1.1775 yesterday).
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