FX Strategists at UOB Group suggested that the EUR/USD it could still resume the decline in the coming weeks.
Featured Statements
24 hour outlook: “Yesterday, we reckoned the EUR’s sharp decline could be extended, but the important support at 1.1105 was unlikely to be threatened. However, the Euro recovered some of its initial sharp decline as it rallied to close at 1.1219 (- 0.43%).It appears that the downward pressure has eased and it is Single currency likely to trade sideways today, expected to be in a range of 1.1160/1.1260.”
Next 1-3 weeks: “We have held a negative view for over 2 weeks. After the EUR crashed to 1.1105, we highlighted last Friday (Feb 25, pair at 1.1205) that further EUR weakness was not ruled out, but could trade above 1.1105 for a couple of days first No change in our view despite downside momentum showing tentative signs of easing Overall just a break of 1.1290 (no change in ‘strong resistance’ level) would indicate that the EUR is not ready to move below 1.1105. Looking ahead, below 1.1105, there is another strong support at 1.1080.”
Source: Fx Street
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