According to currency strategists at UOB Group, the EUR / USD risks further losses as long as it remains below 1.1850.
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24 hour view: “Our view of the EUR / USD to ‘consolidate and move within a 1.1790 / 1.1830 range’ was incorrect. EUR / USD rose to a high of 1.1845 during the New York session before falling rapidly again. decline from the high has room to extend to the downside, but the prospect of a sustained decline below 1.1770 is not high (there is another support at 1.1790). Resistance is at 1.1820, followed by 1.1835. “
Next 1-3 weeks: “We highlighted yesterday (September 14, EUR / USD at 1.1810) that as long as the EUR / USD remains below 1.1850, there is room for the pair to close below 1.1770. Subsequently, the EUR / USD rose to a high of 1.1845 before reversing. For now there is no change in our opinion, but the EUR / USD has to close below 1.1770 in these 1 to 2 days or the odds of further weakness would diminish rapidly. Looking ahead, the following Support below 1.1770 is at 1.1725. “
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