Currency strategists at UOB Group note that EUR / USD now risks a drop to 1.1740 ahead of 1.1700 In the next weeks.
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24 hour view: “Our expectation of the EUR / USD ‘moving higher’ yesterday was incorrect as it plunged and broke a couple of strong support levels before closing weakly at 1.1774 (-0.72%). The rapid decline is deeply oversold, but with no signs of stabilization yet, EUR / USD could weaken to the next support at 1.1740. For today, a sustained decline below this level is unlikely (next support is at 1.1700). positive, a breakout of 1.1820 (minor resistance at 1.1800) would indicate that the current weakness has stabilized. “
Next 1-3 weeks: “Last Friday (July 9, EUR / USD at 1.1845), we indicated that the EUR / USD is in a consolidation phase and is likely to trade between 1.1790 and 1.1895. The ease and speed with which the EUR / USD broke the bottom of our expected range at 1.1790 and the subsequent weak daily close at 1.1774 (-0.72%) indicates that the consolidation has ended and that the EUR / USD has likely moved into a negative phase. monitor is 1.1740, a clear break out of this level would shift focus to another important level at 1.1700. Ultimately, the EUR / USD is expected to trade under pressure unless it can break above the “strong resistance” level of 1.1840.
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