Possibility that the euro (EUR) weakens even more against the US dollar (USD); Any fall is unlikely to break the major support in 1,1055. In the long term, the EUR remains under pressure, but it remains to be seen if the current corrective setback can reach 1,0945, the FX analysts of UOB Group, quek being Leang and Peter Chia.
EUR remains under pressure
24 -hour vision: “The EUR fell and closed in a minimum of 1 and a half month of 1,1087 yesterday, with an impressive 1.42%drop. It is not surprising that the rapid and acute sale is deeply supervised. However, without stabilization signs at the moment, there is a possibility that the USD is further weakened. That said, given the overall conditions, any fall is unlike 1.105.
Vision at 1-3 weeks: “Last Friday, May 9, when the EUR was in 1,1220, we reviewed our vision from neutral to negative, highlighting that ‘the accumulation of impulse indicates a greater fall in the EUR to 1,1145.’ The rhythm of the anticipated fall exceeded our expectations, since the EUR fell and reached a minimum of 1,1064 yesterday. (level of ‘strong resistance’ previously in 1,1315) I would suggest that the current low pressure has decreased. “
Source: Fx Street
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