Forex Strategists UOB Group, Lee Sue Ann and Quek Ser Leang, suggest that a sustained break of 0.9900 in the EUR/USD remains unlikely in the short term.
24 hour outlook: “Our expectations for the euro to rise yesterday failed to materialize as it traded between 0.9964 and 1.0029 before closing little changed at 1.0022 (+0.07%). Underlying tone remains firm and we still see room for the euro to rise. Having said that, any advance unlikely to challenge major resistance at 1.0070 (there is another resistance at 1.0050). Support is found at 1.0000 and 0.9975″.
Next 1-3 weeks: “Our latest account from last Wednesday (Sep 14, pair at 0.9980) still stands. As we noted, the euro is under pressure, but a sustained decline below major support at 0.9900 seems unlikely at this point. To the upside , exceeding 1.0070 (no change from yesterday’s ‘strong resistance’ level) would indicate that the current downward pressure has subsided.”
Source: Fx Street
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