In the opinion of the UOB Group’s currency strategists, EUR/USD could accelerate losses after breaking the 1.0950 level in the short term.
Featured Comments
24 hour view: “Last Friday we highlighted that EUR/USD ‘could move higher but any advance is expected to face solid resistance at 1.1045’. EUR/USD subsequently rose to 1.1037 before falling to 1.0977. the low has improved and a break of 1.0950 would not be surprising.That said, it remains to be seen if EUR/USD can maintain a foothold below this important level (next support is 1.0925).Resistance is at 1.1000, followed by 1.1010.”
Next 1-3 weeks: “We expect EUR/USD to consolidate from early last week. After moving sideways for a few days, short-term downside momentum is starting to build. While downside risk has increased, the EUR/USD has to close below 1.0950 before a sustained decline is likely.On the upside, a break of 1.1130 (‘strong resistance level’) would indicate that the build-up in downward momentum has faded. Looking ahead, the next support below 1.0950 is 1.0900.”
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
