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EUR/USD is at risk of further decline once it breaks the 0.9900 level – UOB

UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest that EUR/USD could accelerate losses if it closes below 0.9900.

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24 hour view: “EUR/USD rose to a high of 1.0033 during the New York session before falling sharply to as low as 0.9941. EUR/USD opened on a weak tone in Asia and improving bearish momentum is likely to lead to the break 0.9900. For today, the next support at 0.9850 is unlikely to be threatened. Resistance is at 0.9945, followed by 0.9970.”

Next 1-3 weeks: “Last Friday (Sep 2, EUR/USD at 0.9945), we highlighted that the risk for EUR/USD has shifted to the downside. We added that the pair needs to close below major support at 0.9900 before it is sustained decline likely. EUR/USD subsequently came within a couple of pips of our “strong resistance” at 1.0035 (high 1.0033) before falling back rapidly. We remain the same view as long as the price level is not broken “Strong resistance” at 1.0005 (which was at 1.0035 last Friday). Looking ahead, the next level to watch below 0.9900 is at 0.9850.”

Source: Fx Street

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