EUR/USD is expected to face strong support around 1.0510 – UOB

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Lee Sue Ann, an economist at UOB Group, and Quek Ser Leang, a market strategist, point out that EUR/USD should find important support around the 1.0510 zone short term.

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24 hour view: “EUR/USD recovered some of Tuesday’s sharp decline and closed 0.50% higher (at 1.0599). The move appears to be part of a consolidation and EUR/USD is likely to be range bound today, which it is expected to be between 1.0565 and 1.0655”.

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Next 1-3 weeks: “Following the sharp drop on Tuesday (Jan 3), bearish momentum is starting to consolidate, albeit timidly. EUR/USD is likely to trade with a bearish bias, but any decline is expected to be met with a solid support at 1.0510. In general, only a break above the “strong resistance” level, currently at 1.0675, would indicate that the accumulation of bearish momentum has faded.”

Source: Fx Street

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