The EUR/USD still under pressure and could fall back to the 1.0100 level in the coming weeksaccording to forex strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
24 hour outlook: “Yesterday we highlighted that the euro could fall to 1.0145 first before stabilization was likely. We added that it was unlikely to challenge the next major support at 1.0100.” Our view was not wrong as the euro fell to as low as 1.0142 before bouncing slightly. Although the bearish momentum is starting to ease, the EUR weakness has yet to stabilize. In other words, room for further weakness although major support at 1.0100 unlikely to be threatened (there is another support at 1.0125). To the upside, the break of 1.0220 (minor resistance is at 1.0195) would indicate that the weakness has stabilized.”
Next 1-3 weeks: “Not much to add to our update from yesterday (Jul 07, pair at 1.0185). As highlighted, further euro weakness still seems likely, although oversold conditions could slow the pace of any further declines.” Overall, only an upside break of 1.0270 (the ‘strong resistance’ level was at 1.0310 yesterday) would indicate that the euro’s downside risk that started a week ago is fading. next support below 1.0100 lies at the quite critical psychological level of 1.0000“.
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
