EUR/USD: Likely to trade with a downward bias – UOB Group
|Euro (EUR) is likely to trade with a downward bias; any decline is unlikely to threaten the major support at 1.1630. In the longer run, outlook is mixed; for the time being, EUR is likely to trade in a range of 1.1630/1.1755, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR is likely to trade in a range of 1.1630/1.1755
24-HOUR VIEW: "EUR rebounded strongly to a high of 1.1715 last Friday. Yesterday, Monday, we indicated the following: 'EUR could continue to rebound, but as there has been no significant increase in upward momentum, any further advance may be limited to a test of 1.1730.' Our view was incorrect, as instead of continuing to rebound, EUR dropped to a low of 1.1655, closing on a soft note at 1.1660 (-0.32%). Given the tentative increase in downward momentum, EUR is likely to trade with a downward bias today. However, any decline is unlikely to threaten the major support at 1.1630 (there is another support at 1.1650). On the upside, resistance levels are at 1.1685 and 1.1700."
1-3 WEEKS VIEW: "Our update from yesterday (18 Aug, spot at 1.1705) still stands. As highlighted, the outlook for is mixed for EUR, and for the time being, it is likely to trade in a range of 1.1630/1.1755."
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