EUR/USD could return below parity level and visit 0.9960 before 0.9920 in the coming weeks, suggest UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “We were expecting EUR/USD to ‘trade sideways within a 1.0000/1.0070 range’ yesterday. We were expecting volatility to pick up, as EUR/USD briefly dipped as low as 0.9997 and peaked at 1.0122 before easing to close at 1.0060 (+0.24%) More choppy price action not ruled out, probably between 1.0000 and 1.0100.”
Next 1-3 weeks: “Our update from yesterday (July 13, EUR/USD at 1.0035) still stands. As we have highlighted, EUR/USD remains weak and the next levels to watch are at 0.9960 and 0.9920. That said, after the Strong bounce from just below par during NY session, 0.9960 may not come into the picture so soon Overall just a break of 1.0150 (no change from yesterday’s ‘strong resistance’ level) would indicate that the EUR/USD weakness that started two weeks ago has stabilized.”
Source: Fx Street
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