EUR/USD could still slip back to 1.2050 – UOB
|FX Strategists at UOB Group noted EUR/USD could still drop to the mid-1.2000s in the next weeks.
Key Quotes
24-hour view: “EUR traded between 1.2099 and 1.2148 yesterday, slightly wider than our expected range of 1.2100/1.2145 before closing little changed at 1.2124 (+0.05%). Momentum indicators are still mostly neutral and EUR could continue to trade sideways. Expected range for today, 1.2095/1.2150.”
Next 1-3 weeks: “Two days ago (14 Jun, spot at 1.2110), we highlighted that improvement in downward momentum could lead to EUR to ‘trade with a downward bias towards 1.2050’. Since then, EUR has been unable to make any headway on the downside as it traded in a quiet manner the past couple of days. While momentum is beginning to wane, there is still chance for EUR to decline to 1.2050. Only a break of 1.2180 (no change in ‘strong resistance’ level) would indicate that the downside risk has dissipated.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.