The strong fall seems excessive; Instead of weakening even more, the euro (EUR) is more likely to consolidate in a range of 1,1580/1,1650 against the US dollar (USD). In the long term, the price action continues to suggest a downward risk in the EUR; The next level to be monitored is 1,1550, the FX analysts of UOB Group, quek be Leang and Peter Chia point out.
The price action continues to suggest a downward risk in the Eur
24 -hour vision: “We declare on Monday that ‘EUR risk is down.’ Yesterday (Tuesday), we point out that ‘although the risk to the EUR remains down, the dull impulse continues to suggest that 1,1625 is probably out of reach.’ We also point out that ‘resistance levels are in 1,1685 and 1,1705.’ The subsequent price action was not as expected.
Vision 1-3 weeks: “We reviewed our EUR to negative perspective last Tuesday (July 8), when it was in 1,1745. At that time, we indicated that ‘the current setback could extend to 1,1660.’ As we follow the subsequent price movements, we indicated in the first Asian session yesterday (July 15, Spot in 1,1665), that ‘the risk that the EUR decline at 1,1625 is increasing.’ We add: ‘The downward risk will increase in the next few days whenever the’ strong resistance ‘is not overcome in 1,1735.’ Although our evaluation was timely, we do not anticipate that the EUR collapsed to a minimum of 1,1590 in the NY session.
Source: Fx Street
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