Currency strategists at UOB Group point out that the pair EUR / USD is still at risk of further reversals In the next weeks.
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24 hour view: “We highlighted yesterday that ‘the downward pressure has eased and the risk of a sustained EUR / USD decline is not high’ and we expected EUR / USD to” trade within a 1.1750 / 1.1800 range. ” Our opinion was not wrong despite the fact that the EUR / USD moved within a slightly wider range than expected (1.1750 / 1.1804). The underlying tone has improved a bit and EUR / USD could move higher today. However, any advance is likely to be limited to a test of 1.1815. Strong resistance at 1.1835 is unlikely to be threatened. Support is at 1.1775, followed by 1.1750. “
Next 1-3 weeks: “Our update yesterday (July 21, EUR / USD at 1.1780) still stands. As highlighted, the EUR / USD is under slight downward pressure and could go down, but it is too early to expect a move to support. Main at 1.1700. Ahead of 1.1700, there is another relatively strong support at 1.1730. On the upside, a breakout of 1.1835 would indicate that the current weak pressure to the downside has eased. “
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