Forex analysts from UOB Group, Lee Sue Ann and Quek Ser Leang, noted that the EUR/USD risks further losses if the 1.0470 level is broken in the coming weeks.
24 hour outlook: “We highlighted last Friday that there was room for EUR weakness to spread even though a break from last week’s low of 1.0470 seemed unlikely. The euro then fell to 1.0481 before bouncing. The current move appears to be part of a consolidation. In other words, EUR likely to trade sideways for today, within a range of 1.0490/1.0585“.
Next 1-3 weeks: “Our outlook from last Friday (May 6, pair at 1.0540) is still valid. As we highlighted, the EUR needs to close below strong support at 1.0470 before a sustained decline is likely. The EUR’s chance to close below 1.0470 will remain intact as long as the currency does not move above 1.0640. Looking further, if the euro closes below 1.0470, the next support to watch is at 1.0420.”
Source: Fx Street
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