UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest that the EUR/USD could drop back below 2022 low at 1.0470 In the next weeks.
key comments
24 hour view: “EUR/USD fell briefly to 1.0577 before retracing to close slightly higher at 1.0520 (+0.15%). Despite advance, momentum indicators are ‘unchanged’ and risk of sustained EUR/USD rise is low. Overall EUR/USD is likely to move sideways today. Expected to be range bound at 1.0490/1.0570.”
Next 1-3 weeks: “After falling sharply to a low of 1.0470 last Thursday (April 28), the EUR/USD has moved sideways for the past few days. The price action is seen as part of a short-term consolidation. In other words, EUR/USD could extend its decline below 1.0470 Given oversold conditions, EUR/USD may not remain defensive below this level To the upside, a break of the strong resistance level at 1.0610 would suggest a move to 1.0470 in the short term.”
Source: Fx Street
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