EUR/USD risks a deeper drop below 1.0920 – UOB – by pabspiovano EURUSD Currencies Majors Banks
once 1.0920 is cleared, comment UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB.24-hour view: “Yesterday, we held the view that ‘there is scope for EUR to drop to 1.0920 before stabilization is likely’. However, EUR traded in a quiet manner until NY time when it swung between 1.0940 and 1.1006 before settling at 1.0980 . The price actions appear to be part of a consolidation phase. In other words, we expect EUR to trade sideways today, likely in a range of 1.
Next 1-3 weeks: “Our update from yesterday is still valid. As highlighted, short-term downward momentum appears to be building but EUR has to break and stay below 1.0920 before a sustained decline is likely. The chance for EUR to break clearly below 1.0920 is not high for now but it will remain intact as long as EUR stays below 1.1035 in the next few days. Looking ahead, the next support below 1.0920 is at 1.0885.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD risks extra losses once 1.0920 is cleared – UOBIn the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, further decline is likely in EUR/USD below the 1.0920 level.
Read more »
EUR/USD: Euro will find further gains hard work – SocGenKit Juckes, Chief Global FX Strategist at Société Générale, analyzes last week’s CFTC positioning data. The wind is in the Euro’s face, but it’s kinde
Read more »
ECB leaves door open to further tightening – UOBEconomist at UOB Group Lee Sue Ann assesses the last ECB event on May 4. Key Takeaways “The European Central Bank (ECB) decided to raise its three key
Read more »
EUR/USD Forex Signal: Consolidation Persists Below $1.1089My EUR/USD signal on 3rd May did not technically produce a short trade from the bearish rejection of the key resistance level at $1.1089 right away.
Read more »
EUR/USD falls below 1.10 amid US credit tightening and debt ceiling concernsThe EUR/USD extends its losses on Tuesday past the 1.10 handle, briefly testing last week’s low of 1.0942, but bounced off that price level, above the
Read more »
EUR/USD bulls pressured back below 1.1000EUR/USD rallied on the back of the US Consumer Price Index and reached a high of 1.1006 on the day from a low of 1.0941. US CPI and Fed implications H
Read more »