EUR/USD: Has a chance to break below 1.0815 – UOB Group
|Chance for the Euro (EUR) to edge lower. Any decline is still unlikely to break clearly below 1.0815. This level is expected to provide solid support, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
The nearest support is at 1.0815
24-HOUR VIEW: “We detected ‘a tentative buildup in downward momentum’ yesterday. We expected a weaker EUR, but we were of the view that ‘any decline is unlikely to break clearly below 1.0815.’ EUR subsequently fell, but did not threaten the 1.0815 level, as it rebounded from a low of 1.0824. It then closed at 1.0839 (-0.11%). While there is no clear increase in downward momentum, there is a chance for EUR to edge lower today. However, any decline is still unlikely to break clearly below 1.0815. Resistance is at 1.0855 and 1.0865.”
1-3 WEEKS VIEW: “Our update from yesterday (24 Jul, spot at 1.0850) still stands. As highlighted, downward momentum is building, but not sufficiently enough to suggest a significant decline. EUR is likely to trade with a downward bias, but the 1.0815 level is expected to provide solid support. The downward bias is intact as long as 1.0890 (‘strong resistance’ level was at 1.0905 yesterday) is not breached. Looking ahead, if EUR breaks clearly below 1.0815, the next level to watch is 1.0760.”
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