EUR/USD: Further decline seems unlikely – UOB

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Further consolidation could see EUR/USD trading in the 0.9900-1.0090 range in the coming weeks, suggest UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.

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24 hour view: “Yesterday we highlighted that “EUR/USD bounce has room to extend to 1.0030”. We added that “next resistance at 1.0090 is unlikely to appear”. Our expectations did not quite materialize as euro rose to 1.0029, fell to 0.9929 before bouncing to end the day little changed at 0.9994 (-0.05%) Underlying tone remains a bit firm with bias for today tipped to the upside However any advance is unlikely to break resistance main at 1.0090 (there is another resistance at 1.0055). Support is at 1.0000, followed by 0.9975″.

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Next 1-3 weeks: “No change in our view from yesterday (Sep 8, EUR/USD at 0.9990). As we have highlighted, recent downside risks have dissipated. The current move is likely part of a consolidation phase and is likely to EUR/USD trades between 0.9900 and 1.0090 for now.”

Source: Fx Street

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