According to forex strategists from UOB Group, Lee Sue Ann and Quek Ser Leang, the downside pressure on EUR/USD is expected to ease with a close above 1.0620.
24 hour outlook: “Yesterday we expected the EUR to consolidate and trade within a range of 1.0510/1.0610. Subsequently, the Euro traded within a narrower range than expected (1.0524/1.0585). Despite the relative calm in prices, the underlying tone appears to have weakened. For today, the euro could go lower, but any weakness is expected to find support at 1.0500. The main support at 1.0470 is unlikely to be threatened. Resistance is found at 1.0560, followed by 1.0585″.
Next 1-3 weeks: “We continue to hold the same view as last Friday (May 06, pair at 1.0540), that the Euro needs to close below strong support at 1.0470 before a sustained decline is likely. The short-term bearish momentum has weakened a bit and the possibility of the euro closing below 1.0470 has increased slightly. only a break of 1.0620 would indicate that the possibility of the euro closing below 1.0470 has dissipated.”
Source: Fx Street
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