No greater weakness is ruled out; It is not clear if the euro (EUR) can break and stay below 1,1200 against the US dollar (USD). In the long term, to continue falling, the EUR must first close below 1,1200, the FX analysts of UOB Group, to be Leang and Peter Chia point out.
Greater weakness is not ruled out
24 -hour vision: “The EUR fell to 1,1321 two days ago. In yesterday’s first Asian session, when the EUR was in 1,1335, we highlight that ‘despite the fall, the EUR has not won much impulse.’ We expected the Eur ‘to consolidate between 1,1305 and 1,1375.’ However, instead of consolidating, the EUR lowered slightly to close at 1,1292 (-0.32%). that is threatened.
Vision at 1-3 weeks: “We review our EUR Perspective from positive to neutral yesterday (May 28, quotation in 1,1335), indicating that ‘the bullish impulse has dissipated mostly.’ ‘ We also indicate that the EUR ‘will probably be negotiated in a range of 1,1255/1,1420 for now.’ Although our review was timely, we did not expect the EUR to fall below 1,1255 today. (The current 55-day EMA level indicated in the 1-3 month vision below). “
Source: Fx Street
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