Currency strategists at UOB Group note that EUR / USD is still at risk of further decline In the next weeks.
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24 hour opinion: “We highlighted yesterday that EUR / USD ‘could weaken further, but any weakness is likely to be limited to a test of 1.1565’. Thereafter, EUR / USD fell to 1.1561 before picking up slightly. Although conditions remain oversold, weakness is not. seems to have stabilized yet. That said, any decline from here is unlikely to challenge the main support at 1.1530 (minor support is at 1.1555). On the upside, a breakout of 1.1615 (minor resistance is at 1.1600) would indicate that the current weakness has stabilized. “
Next 1-3 weeks: “Yesterday (September 30, EUR / USD at 1.1600), we highlighted that EUR / USD is likely to weaken further and the next support is at 1.1565, followed by a fairly important level at 1.1530. EUR / USD turned down to 1.1561 during the New York session before closing slightly lower at 1.1581 (-0.12%). The momentum to the downside has slowed somewhat and while the EUR / USD could decline further, the important and strong support at 1.1530 may not be easy to break in. Overall, the current downside risk is intact as long as the “strong resistance” at 1.1655 (the level was at 1.1680 yesterday) is not broken.
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