In the opinion of the currency strategists of the UOB Group, the EUR / USD could fall to the level of 1.1565 In the next weeks.
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24 hour view: “The strong sell that sent EUR / USD to 1.1588 was a surprise (we were expecting a consolidation). The rapid decline appears to be overblown, but still shows no signs of stabilizing. In other words, the EUR / USD could weaken further. In view of the deeply oversold conditions, any weakness is likely to be limited to a test of 1.1565. On the upside, a breakout of 1.1650 (minor resistance is at 1.1625) would indicate that current weakness has stabilized. “
Next 1-3 weeks: “Yesterday (September 29, EUR / USD at 1.1685), we expected EUR / USD to ‘trade on a downward bias’ and that ‘main support at 1.1630 may not enter the scene so soon.’ on a weaker EUR / USD was correct, we did not expect the subsequent sharp and rapid decline as the EUR / USD easily broke 1.1630 and plunged to 1.1588. The downside momentum has improved considerably and the EUR is likely / USD to weaken further. Next support is at 1.1565, followed by a rather important level at 1.1530. On the upside, a breakout of 1.1680 (‘strong resistance level was at 1.1745 yesterday) would indicate that current risk to the downside. low has dissipated.
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