EUR/USD remains under pressure and targets 0.9900 – UOB

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The EUR/USD is at risk of further decline in the short term, although a sustained drop below 0.9900 seems off the tableaccording to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.

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24 hour view: “Yesterday we held the view that “EUR/USD’s huge decline has room to drop below 0.9930 before stabilization is likely”. However, EUR/USD did not drop below 0.9930 as it traded with relative quiet between 0.9954 and 1.0023 before closing little changed at 0.9977 (+0.07%) This move is likely to be part of a consolidation phase and we expect EUR/USD to trade sideways today, probably between 0.9950 and 1.0020″.

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Next 1-3 weeks: “Our update from yesterday (Sep 14, EUR/USD at 0.9980) still stands. As we highlighted, Tuesday’s hype drop seems overblown, but there is room for EUR/USD to weaken to 0.9900. At this point in time, a sustained decline below this level seems unlikely.All in all, as long as the “strong resistance” of 1.0070 (which has not changed levels since yesterday) is not breached, the EUR/USD is likely to remain under pressure. .”

Source: Fx Street

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