Lee Sue Ann, economist at UOB Group, and Quek Ser Leang, Market Strategist, point out that EUR/USD is likely to continue lower and find good support near 1.0830.
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24 hour view: EUR/USD briefly fell to a fresh 6-week low at 1.0843 last Friday before recovering to end the day little changed at 1.0865 (-0.06%). Despite making a new low, the bearish momentum has barely increased. Today, we expect the EUR/USD to trade in a range, probably between 1.0845 and 1.0900.
Next 1-3 weeks: Last Friday, EUR/USD posted a fresh 6-week low at 1.0843. The bearish momentum has increased, if only a little. Although there is room for further weakening in EUR/USD, the meager momentum suggests that the pace of decline will be slow. Support is at 1.0830, followed by 1.0790, a solid support level. To the upside, if the EUR/USD breaks above 1.0930, it would mean that the EUR/USD does not weaken further.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
