EUR/USD looks side-lined for the time being – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We indicated yesterday that EUR ‘is likely to advance further but it remains to be seen if it can maintain a foothold above 1.1075’. EUR eked out a fresh year’s high of 1.1066 before plummeting to 1.0962. While the sharp and swift drop is oversold, there is room for EUR to decline further. However, the major support at 1.0900 is unlikely to come under threat . Resistance is at 1.1000; a break of 1.1025 would indicate that the weakness in EUR has stabilized.
Next 1-3 weeks: “Yesterday , we highlighted that EUR ‘is likely to trade with an upward bias but it has to break and stay above the month-to-date high of 1.1075 before a move to the next major resistance at 1.1120 is likely’. We added, ‘a break of 1.0975 would indicate that the build-up in momentum has faded’. We did not anticipate the sharp drop in NY trade that took out our ‘strong support’ level of 1.0975 . The build-up of upward momentum has fizzled out.
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