The continuation of the downward pressure in the EUR/USD could extend to the 0.9770 zone before reaching 0.9720, according to forex strategists at UOB Group, Lee Sue Ann, and Quek Ser Leang.
24 hour outlook: “We were expecting the Euro to drop yesterday but were of the view that any weakness was unlikely to break the strong support at 0.9900. The expected weakness exceeded our expectations as the Euro easily broke 0.9900 and tumbled to as low as 0.9812 Despite the wild spin after the low, the risk for today remains to the downside, probably down to 0.9770. Resistance is at 0.9865 and then 0.9900.”
Next 1-3 weeks: “Our last story was last Wednesday (Sep 14, pair at 0.9980), in which while the euro was under pressure, a sustained decline below major support at 0.9900 seemed unlikely. After a week, the The euro decisively broke out of this area and plunged to a low of 0.9812 in New York time, The sharp drop indicates that the euro is likely to fall further in the coming days. levels to watch are 0.9770 and 0.9720. To the upside, the breakout of 0.9940 (the ‘strong resistance’ level was at 1.0050 yesterday) would indicate that the current weakness of the euro has stabilized.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
