EUR/USD: EUR MAY BREAK BELOW 1.1040 IN THE LONGER RUN – UOB GROUP
Euro (EUR) is likely to trade in a 1.1050/1.1125 range. In the longer run, upward momentum has largely dissipated, and EUR is expected to trade in a range between 1.1040 and 1.1200, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.
The 1.1040 support may become a magnet for EUR
24-HOUR VIEW: “After EUR fell sharply two days ago, we indicated yesterday that “the sharp and swift drop seems to be overextended.” However, we were of the view that “there is room for EUR to decline further to 1.1095 before stabilization is likely.” We highlighted that “the major support at 1.1040 is unlikely to come under threat.” Although our view of a lower EUR was not wrong, it fell more than expected, reaching a low of 1.1054 before recovering. Conditions are severely oversold now, and EUR is unlikely to weaken much further. Today, EUR is more likely to trade in a 1.1050/1.1125 range.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.