A new fall in the EUR / USD could test 1.17400 again in the coming weeks, note the currency strategists at UOB Group.
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24 hour view: “Yesterday, we considered that EUR / USD ‘might break the big support at 1.1800, but the next support at 1.1780 is probably out of reach for now.’ Our opinion was not wrong even though EUR / USD touched 1.1780 first before. While the decline is oversold, the risk is of further EUR / USD weakness. However, the next major support at 1.1740 is unlikely to enter the scene for now (there is another support at 1.1760). On the upside, a breakout of 1.1840 (minor resistance is at 1.1820) would indicate that the current weakness has stabilized. “
Next 1-3 weeks: “We have held a negative sentiment on the EUR / USD for about a week now. In our update yesterday (July 7, EUR / USD at 1.1825), we highlighted that ‘the downside momentum has rejuvenated and a breakout of 1.1800 it would pave the way for the EUR / USD to weaken to 1.1780. ‘While our opinion was not wrong, we weren’t quite expecting the quick way the EUR / USD dropped to 1.1780 (low at 1.1780 during New York hours) Price action suggests further EUR / USD weakness is likely and the next level to focus on is 1.1740. In general, current weakness is considered intact as long as EUR / USD does not move above 1.1860 (The ‘strong resistance’ level was at 1.1895 yesterday).
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