The Euro (EUR) is likely to trade sideways in a range of 1.0950/1.1000. Longer term, further EUR weakness seems likely; The next two support levels to monitor are 1.0935 and 1.0900, say UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Levels to monitor are 1.0935 and 1.0900
24 HOUR VIEW: “After the EUR fell sharply last Friday, we indicated yesterday that ‘provided it does not break above 1.1015, EUR weakness could extend to 1.0935 before stabilization can be expected.’ Our view did not materialize, as the EUR traded sideways between 1.0954 and 1.0986, closing little changed at 1.0974 (-0.02%). There is no increase in momentum either bearish or bullish, and the EUR is likely to continue. trading sideways. Expected range for today: 1.0950/1.1000.”
1-3 WEEK VIEW: “Our update from yesterday (Oct 7, pair at 1.0970) remains valid. As highlighted, after last Friday’s sharp decline, further EUR weakness seems likely. The next two levels of support to monitor are 1.0935 and 1.0900. If the EUR breaks above 1.1045 (the ‘strong resistance level’ was at 1.1060 yesterday), it would mean that the EUR’s weakness since the middle of last week is over.”
Source: Fx Street
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