EUR/USD: Focus is now on 1.0615 – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We expected EUR to drop below 1.0755 yesterday and we held the view that ‘the next support at 1.0700 is unlikely to come under threat’. Our view was not wrong even though EUR dropped close to 1.0700 . While conditions remain oversold, EUR could dip below 1.0700 before stabilization is likely. We do not expect the next major support at 1.0615 to come into view today . Resistance is at 1.0750, followed by 1.0785.
Next 1-3 weeks: “Yesterday , we indicated that the price actions in EUR are likely the early stages of a pullback that could extend to 1.0700. While our view was not wrong, we didn’t quite expect EUR to approach 1.0700 so quickly . Further EUR weakness appears likely but oversold short-term conditions could slow the pace of any further decline. The next level to monitor below 1.0700 is at 1.0615. The downside risk in EUR is intact as long as it does not break above 1.0850 .
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