Only a break of 1.0870 would mean that the Euro (EUR)’s slide to 1.0760 is easing, currency strategists at UOB GroupQuek Ser Leang and Lee Sue Ann.
Bearish push towards 1.0760
24 HOURS VIEW:”Yesterday, we held the view that ‘there is a chance that EUR could drop to 1.0790 before the risk of a more sustained rebound increases.’ Price action did not turn out as we expected, as EUR fluctuated between 1.0801 and 1.0849, closing little changed at 1.0825 (+0.09%). There has been no marked increase in either bearish or bullish momentum. Today, we expect the EUR to trade in a sideways range of 1.0800/1.0850.”
OUTLOOK 1-3 WEEKS:”We turned negative on EUR in the middle of last week. In our last narrative two days ago (July 30, pair at 1.0820), we stated that ‘the view for EUR remains negative, with the next level to target being 1.0760.’ The EUR has been unable to advance further lower. Bearish momentum is showing tentative signs of slowing, and the chances of EUR falling further to 1.0760 are diminishing. However, only a break of 1.0870 (with no change in the ‘strong resistance’ level) would mean that 1.0760 is out of reach this time.”
Source: Fx Street
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