Lee Sue Ann, economist at the UOB Group, and Quek Ser Leang, Market Strategist, point out that EUR/USD risks further setbacks in the short term.
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24 hour view: Yesterday, EUR/USD traded relatively calmly between 1.0875 and 1.0916 before closing softer at 1.0877 (-0.31%). Today, EUR/USD has room to go lower, but given the slight bearish pressure, it is unlikely to break 1.0835 (there is another support at 1.0855). To the upside, breaking above 1.0920 (minor resistance is at 1.0900) would indicate that the current slight bearish pressure has faded.
Next 1 to 3 weeks: Although EUR/USD has been trading mostly sideways in recent days, the underlying tone seems to be soft and the trend is leaning to the downside. However, any decline is likely to face solid support at 1.0835, ahead of another major support at 1.0805. The downtrend will continue as long as EUR/USD remains below 1.0950 (“strong resistance” level).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
