Currency strategists at UOB Group note that Further declines await EUR / USD.
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24 hour view: “We highlighted yesterday that ‘while oversold, EUR / USD weakness could break very solid support at 1.1700’. Our view was not wrong as EUR / USD briefly dipped to 1.1692, jumped to 1.1742 before returning to While EUR / USD could weaken further, still oversold conditions suggest that EUR / USD is unlikely to be able to break main support at 1.1670 for now (next support is 1.1640). Resistance is at 1.1720, followed by 1.1740. “
Next 1-3 weeks: “Our view yesterday (Aug 18, EUR / USD at 1.1710) still stands. As he highlighted, EUR / USD risk has shifted lower and a break out of the solid 1.1700 support would pave the way for the EUR / USD dropped to 1.1670. Subsequently, the EUR / USD broke 1.1700, as it fell to 1.1692 during the New York session. Now that 1.1700 is broken, the next level to focus on is 1.1670 (followed by 1.1640). Therefore, short-term oversold conditions could slow down the pace of any further decline. In general, downside risk is considered intact as long as EUR / USD remains below 1.1775 (no change in level). of ‘strong resistance’).
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