According to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group, further decline could drag EUR/USD to the 0.9755 level In the next weeks.
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24 hour view: “EUR/USD rallied to a high of 0.9975 before plunging to end the day on a weak tone at 0.9817 (-0.58%). The sharp and rapid decline has gathered momentum and EUR/USD is likely to drop below the support 0.9800 Given oversold conditions, next support at 0.9755 is unlikely to be broken Downside pressure is intact as long as EUR/USD does not move above 0.9880 (minor resistance is at 0.9850). “
Next 1-3 weeks: “Our last account was from two days ago (Nov 1, EUR/USD at 0.9885) where “EUR/USD retracement could extend but sustained decline below 0.9800 is unlikely for now.” Yesterday, EUR /USD fell hard to close at 0.9817(-0.58%) Bearish momentum has improved and EUR/USD’s decline could extend to the next major support at 0.9755 Overall only a break of 0.9920 (the level of ” strong resistance” was yesterday at 1.0000) would indicate that the EUR/USD is not ready to go further down. Going forward, if the EUR/USD breaks below 0.9755, the next level to watch is 0.9705″ .
Source: Fx Street
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