EUR/USD: A BREAK BELOW 1.0885 TO SIGNAL FURTHER WEAKNESS – UOB GROUP
The Euro (EUR) is expected to trade sideways between 1.0885 and 1.0935. Should EUR break below 1.0885, it would mean that the EUR strength from two weeks ago has come to an end, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Below 1.0885 the EUR to become weak
24-HOUR VIEW: “Our expectation for EUR to test the significant resistance zone of 1.0970/1.0980 did not turn out, as EUR pulled back sharply, closing at 1.0896 (-0.37%). The pullback seems to be a bit overdone, and EUR is unlikely to weaken much further. Today, we expect EUR to trade sideways between 1.0885 and 1.0935.”
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