Further decline could see EUR/USD slip back to the 1.0430 region in the near term, according to Markets Strategist Quek Ser Leang and Senior FX Strate
slip back to the 1.0430 region in the near term, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: While we expected EUR to decline yesterday, we were of the view that “The major support at 1.0515 is unlikely to come into view.” We did not anticipate the sharp selloff as EUR broke below 1.0515 and dropped to within a few pips of the year’s low of 1.0482 . The sharp drop is severely oversold, but has not stabilised.
Next 1-3 weeks: Last Thursday , we highlighted that “EUR is likely to trade in a range of 1.0590/1.0730.” We added, “if it breaks below 1.0590, it will likely lead to a sustained decline to 1.0515.” After EUR broke below 1.0590, in our latest narrative from two days ago , we pointed out that the price action suggests that EUR “is likely to weaken to 1.0515 in the coming days.” Yesterday , EUR broke below 1.0515 and dropped to a low of 1.0486. The price action continues to suggest EUR weakness.
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