UOB Group currency strategists note that breaking the 1.1655 level should ease the downward pressure on EUR / USD.
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24 hour view: “Yesterday we expected EUR / USD to move sideways within a 1.1575 / 1.1635 range. Thereafter, EUR / USD traded between 1.1586 and 1.1640. Relatively quiet price action suggests that further sideways movement would probably not be surprising. between 1.1580 and 1.1635. “
Next 1-3 weeks: “Our view from yesterday (Oct 4, EUR / USD at 1.1605) remains. As highlighted, the downside momentum has slowed further and a breakout of 1.1655 (unchanged at the level of” strong resistance “) would indicate that the EUR / USD weakness that started a week ago has come to an end. As long as the” strong resistance “at 1.1655 is not broken, there is still the possibility, albeit slim, that the EUR / USD will turn down towards the lower. main support at 1.1530. Looking ahead, a breakout of the ‘strong resistance’ level would indicate that EUR / USD could consolidate and move sideways for a period of time. “
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