According to forex strategists from UOB Group, Lee Sue Ann and Quek Ser Leang, there is still room for EUR/USD to return to the 0.9500 area in the coming weeks.
24 hour outlook: “The EUR traded between 0.9567 and 0.9670 yesterday, a narrower range than our expected consolidation range of 0.9560/0.9700. Downside momentum is building again and the risk today is to the downside. That said, euro unlikely to break clear below 0.9530. To the upside, a break of 0.9660 (minor resistance is at 0.9630) would indicate that the Euro is unlikely to weaken to 0.9530.”
Next 1-3 weeks: “Our latest account from Monday (Sep 26, pair at 0.9630) still holds true. As we noted, last Friday’s impulsive and exaggerated drop suggests that euro could weaken further, possibly to 0.9500. Overall, the euro’s 2-week weakness is intact as long as the euro doesn’t break above 0.9750 (‘strong resistance’ level was yesterday at 0.9770).”
Source: Fx Street
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