EUR/USD: Likely to trade with a downward bias towards 1.0420 – UOB Group
The Euro (EUR) is likely to trade with a downward bias towards 1.0420; the next support at 1.0390 is not expected to come into view. In the longer run, EUR must break and remain below the 1.0333 low before further decline can be expected, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Next support at 1.0390 is not expected to come into view
24-HOUR VIEW: “After EUR traded higher at the open yesterday, we indicated that it ‘could edge higher to 1.0520.’ However, we were of the view that ‘the strong resistance at 1.0560 is unlikely to come under threat.’ Our view was not wrong, as EUR rose to 1.0530, pulling back to close at 1.0494 ( 0.74%). EUR fell in early Asian trade today, and downward momentum appears to be building, albeit tentatively. Today, EUR is likely to trade with a downward bias towards 1.0420. The next support at 1.0390 is not expected to come into view. Resistance is at 1.0495, followed by 1.0520.”
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.