EUR/USD: A drop to 1.0615 should not be ruled out – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “Yesterday, we held the view that EUR ‘appears to have entered a consolidation phase and it is likely to trade between 1.0680 and 1.0780’. Our view for consolidation was not wrong but EUR traded within a narrower range than expected . The underlying tone has softened somewhat. While EUR is likely to edge lower today, it is unlikely to break 1.0665 . On the upside, a breach of 1.0760 would indicate that the current mild downward pressure has eased.
Next 1-3 weeks: “Our narrative from two days ago still stands. As highlighted, further EUR weakness is likely but oversold short-term conditions could slow the pace of any further decline. The next level to monitor is at 1.0615. The downside risk in EUR is intact as long as it does not break above 1.0810 .”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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