FX strategists at UOB Group believe that the EUR/USD it could head towards the 1.1500 area in the short term.
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24-hour perspective: “Our expectations of the euro falling to 1.1520 before a more sustained rally can be expected did not materialize, as it traded quietly between 1.1546 and 1.1571 before closing practically unchanged at 1.1550 (-0.05%). No wonder the momentum indicators are neutral and the EUR is likely to trade sideways today, expected to be within a range of 1.1540 / 1.1585.”
Next 1-3 weeks: “There is no change in our opinion yesterday (07 Oct, pair at 1.1555). As highlighted, although the EUR broke the main support at 1.1530 earlier this week (low of 1.1527), the momentum to the Low hasn’t improved much. That being said, further weakness of the euro is likely towards 1.1500. The weak phase that started early last week is considered intact as long as it does not move above 1.1605 (no change in the ‘strong resistance’ level since yesterday). “
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